Gurgaon (Haryana) [India], May 25 (ANI/NewsView): Paisabazaar, India’s largest digital marketplace for consumer credit, today announced that it has closed its largest working capital loan of Rs 4.5 crore. The working capital loan, obtained through the Paisabazaar platform, was disbursed by Axis Bank, the third largest private sector bank in India, to an independent consumer in Gujarat.
“Paisabazaar helped me find the best loan deal easily. Paisabazaar and Axis Bank guided me through every step of the process. The whole experience was hassle-free,” said the consumer, who runs a business. wholesale near Ahmedabad.
Speaking on the occasion, Sumit Bali, Group Director and Head of Retail Lending, Axis Bank, said: “At Axis Bank, we are committed to ensuring that the availability of credit is simplified and transparent for all consumers. SMEs are the backbone of the economy, we understand the challenges that self-employed people face in obtaining loans to grow their business. Our effort through this partnership with Paisabazaar.com would be to offer them complete financial solutions, with an improved customer experience.”
In one month, Paisabazaar receives approximately 1.5 million credit applications, including secured and unsecured loans and credit cards, from over 1000 cities and towns. According to Paisabazaar, large consumer segments, including MSMEs, have started turning to digital platforms, especially post-COVID, to find the best deal available to them in the ecosystem, based on their needs, their profile and their eligibility.
One of Paisabazaar’s priority areas has been to create a more inclusive lending ecosystem for the MSME community, working closely with its partner banks and NBFCs.
Ajay Mishra, Head of Business Lending, Paisabazaar, said, “Offering wide choice, simple digital processes, innovative products and expert advice and support, Paisabazaar is focused on delivering lending solutions. tailored to empower India’s MSME sector. The success of our close partnership with Axis Bank is proof of this.”
Axis Bank is the third largest private sector bank in India. Axis Bank offers the full range of services to customer segments covering large and medium enterprises, SMEs, agriculture and retail businesses. With its 4,758 national branches (including extension counters) and 10,990 ATMs across the country as of March 31, 2022, Axis Bank’s network spans 2,702 cities and towns, enabling the Bank to reach a wide range of customers with an array of products and services. The Axis group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.
– According to Frost and Sullivan, Paisabazaar was India’s largest digital consumer finance market with a market share of 53.7%, based on disbursements in FY21*
– Paisabazaar has more than 60 partnerships with major banks, major NBFCs and fintech lenders to offer a wide choice of consumer loan products on its platform.
– Paisabazaar, since 2017, has also offered consumers access to credit bureau credit reports, providing consumers with lifetime credit score verification and tracking for free
– Paisabazaar has been recognized on multiple industry platforms with awards such as ‘Most Innovative Lending Start-up’ and ‘Best Fintech Consumer Lender’ by ‘India Fintech Forum and Economic Times’ ‘Most Promising Brand’, ‘ Digital Lending Award’ at the Fintech India Innovation Awards, “Excellence in Consumer Lending” at the IAMAI India Digital Awards, “Outstanding Crisis Finance Innovation 2021 (Asia Pacific) Award” by Global Finance Magazine.
For more information about Paisabazaar, please visit: www.paisabazaar.com.
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