HDFC Bank and Paisabazaar.com announced today they have disbursed unsecured loans worth Rs. 1000 crore till date. Paisabazaar.com entered into a partnership with HDFC Bank in April, 2015, and has now become one of the leading distributors for HDFC Bank.
Paisabazaar.com and HDFC Bank have recently launched instant and paperless approval process, where customers would get an instant approval on loans applied from HDFC Bank through the Paisabazaar.com platform.
Arvind Kapil, Group Head, Unsecured Loans, Home and Mortgage Loans, HDFC Bank, said, “At HDFC Bank, our endeavor is to give our customers an experience by leveraging digital platforms. One of the areas is to make our lending process simpler and faster. Paisabazaar.com has been working with us to enable an efficient system to source and lend to customers using technology and innovation. The success of the partnership is evident from the milestone we have touched.”
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “From the sixth player to enter the market, to becoming the market leader in less than three years, Paisabazaar.com has been growing at 130% p.a. consistently. One of the biggest reasons behind our success has been the valuable support of HDFC Bank. Through technology and innovation, we are aiming to make this partnership stronger in the future. We are targeting to reach the Rs. 1500 crore milestone with HDFC Bank by March next year.”
Making the strategic alliance stronger, Paisabazaar.com and HDFC bank have also collaborated on multiple products across the spectrum including credit cards and lending products like Business Loans, Home Loans, Auto Loans and Gold Loans, and have seen success across products.
Paisabazaar.com is India’s largest online financial marketplace for lending products. It offers a complete spectrum of lending and investment products for retail customers. Paisabazaar.com currently disburses loans over Rs 300 crore to more than 250 cities and towns across India every month.
It is the only financial player to disburse loans worth Rs. 2500 crore in a 2016-17. The company is aims to reach an annualized disbursal of Rs. 6000 crore by the end of this financial year. It plans to touch annualized disbursal of Rs. 25000 crore by 2020.
Paisabazaar.com also runs India’s biggest credit awareness programme by offering free credit score with monthly updates on its platform. It has so far generated 2.2 million credit free reports for customers and aims to reach 3.5 million by March, 2018
Since its inception in early 2014, the company has marked a staggering growth and now has over 50 lakh visitors coming to the platform every month. Paisabazaar.com partners with more than 60 partners across lending and investment categories with 100+ products on offer.
The portal has been awarded with Economic Times “Best Financial Services Brand“, Economic Times “Best Digital Platform for Credit Cards”, Money Tech “Startup of the Year and Money Tech” “Best Customer Experience Innovation”.
Paisabazaar.com CEO & Co-founder has been recognized by Business World magazine as one of India’s top 40 business leaders under the age of 40. Apart from this, Paisabazaar.com has been recognized as an “Emerging Brand” at the prestigious CMO Asia Awards, as well as by Indian Brand Convention.
Paisabazaar is part of Policybazaar group, India’s largest online insurance platform and is an InfoEdge (Naukri.com), Premji Invest, Tiger Global Management, Temasek, Steadview Capital, Ribbit Capital and Inventus Capital Investee Company.
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