Paisabazaar, India’s largest digital marketplace for consumer credit, announced today that it has closed its largest working capital loan of Rs 4.5 crore. The working capital loan, sourced through the Paisabazaar platform, was disbursed by Axis Bank, India’s third largest private sector bank, to a self-employed consumer from Gujarat.
“Paisabazaar has helped me find the best loan offer with ease. Both Paisabazaar and Axis Bank guided me on every step of the process. The entire experience was hassle-free,” said the consumer, who runs a wholesale business near Ahmedabad.Speaking on the occasion, Mr. Sumit Bali, Group Executive and Head – Retail Lending, Axis Bank said, ‘’We, at Axis Bank, are committed to ensure that the availability of credit is made easy and seamless for all consumers. SME are the backbone of the economy, we understand the challenges faced by self-employed individuals in availing loans to grow their business. Our endeavour through this partnership with Paisabazaar.com would be to offer comprehensive financial solutions to them, with an enhanced customer experience.’’In a month, Paisabazaar receives around 1.5 million enquiries for credit, including secured and unsecured loans and credit cards, from over 1000 cities and towns. According to Paisabazaar, large consumer segments, including MSMEs, have started to shift towards digital platforms, especially after COVID, to find the best offer available to them across the ecosystem, as per their need, profile and eligibility.
One of Paisabazaar’s focus areas has been to build a more inclusive lending ecosystem for the MSME community, by working closely with its partner Banks and NBFCs.Ajay Mishra, Head of Business Loans, Paisabazaar, said, “By offering a wide choice, easy digital processes, innovative products along with expert advice and assistance, Paisabazaar is focussed on providing personalized lending solutions to empower India’s MSME sector. The success of our deep partnership with Axis Bank is a testimony to that.”
About Axis Bank
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,758 domestic branches (including extension counters) and 10,990 ATMs across the country as on 31st March 2022, the network of Axis Bank spreads across 2,702 cities and towns, enabling the Bank to reach out to a large cross-section 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 credit marketplace with a 53.7 percent market share, based on disbursals in FY21*
Paisabazaar has 60+ partnerships with large banks, large NBFCs and fintech lenders to offer a wide choice of lending products for consumers on its platform.
Paisabazaar, since 2017, has also been providing consumers access to credit reports from credit bureaus, offering Consumers lifetime checking and tracking of their credit scores for free
Paisabazaar has been recognized at several industry platforms with awards like ‘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 IAMAI’s India Digital Awards, ‘Outstanding Crisis Finance Innovation 2021 (Asia Pacific) Award’ by Global Finance Magazine.
For further information on Paisabazaar, please refer to: www.paisabazaar.com.