Paisabazaar

Paisabazaar has been running India's largest credit awareness initiative, by offering consumers their credit score from the credit bureaus for free.

PaisaBazaar focussed on adding value at both ends—the consumer should get the best options, and the partner banks must make money by selling loans.

“We have grown to become the largest lending marketplace in India, accounting for half the online share of loans sold via aggregators,” Kukreja says.

Paisabazaar's co-created strategy helps meet consumer need gaps, through a robust array of exclusive, first-in-market and best-in-class digital products, built with partner Banks and NBFCs.

Paisabazaar provides credit options across consumer segments, enabling the users to take the right decisions using its proprietary algorithms. It is also a platform for checking credit scores.

The business started focussing on unsecured lending products—credit cards and personal loans, which were more amenable to digital platforms and technology.

Over the last 11 years, Paisabazaar has earned the trust and goodwill of over 50 million consumers.

Every month, the platform receives around 20 lakh enquiries from more than 1000 cities.

For the last five years, the company has enabled seamless access to credit score on its platform, with lifetime free tracking, which encourages customers to actively monitor their credit score and display responsible behaviour to build it further.

According to Paisabazaar data, around 45% of its customers have taken at least one credit product within six months of checking their credit score on Paisabazaar.

Radhika Binani, Chief Product Officer, Paisabazaar, said, “As a consumer credit platform, we have helped millions make informed credit decisions over the past decade, earning deep consumer trust. With PBMoney, we are extending this ethos beyond credit to empower consumers with holistic financial wellness.”

Every month, the platform receives around 20 lakh enquiries from more than 1000 cities.

By October 2022, Paisabazaar had recorded over 30 million visitors.

Paisabazaar provides credit options across consumer segments, enabling the users to take the right decisions using its proprietary algorithms.

Paisabazaar added about 20 Lakh new consumers in Q3 FY23. Its annualised disbursal rate stood at about INR 12,700 Cr at the end of the quarter, while annualised credit card issuance rate stood at 5.2 Lakh.

“We are planning to build artificial intelligence- and machine learning-based systems into our decision-making engines and also introduce chatbots for a better experience of our consumers,” said Naveen Kukreja, CEO of Paisabazaar.

Paisabazaar, a digital marketplace for consumer credit, has said 52.7 lakh people, who checked their free credit score from its platform, have improved their score by 20 points or more over a period of 18 months. Till date, around 2.6 crore customers have taken their free credit score and report from the Paisabazaar platform.

Paisabazaar is also an ISO (27001: 2013) certified organization with industry-best controls, to safeguard the best interest of consumers. We are also a PCI DSS certified organization.

Paisabazaar provides credit options across consumer segments, enabling the users to take the right decisions using its proprietary algorithms.

Paisabazaar over the years has built deep partnerships within the lending ecosystem, partnering with 60+ Banks, NBFCs, NBFC fintechs, to offer wide choice.

PaisaBazaar works with the largest banks, such as HDFC Bank, and the newest startups such as Oye loans.

PaisaBazaar works with the largest banks, such as HDFC Bank, and the newest startups such as Oye loans.

Axis Bank is Paisabazaar's partner for a pre-qualified personal loans program, and provided Paisabazaar a Conventional Debt facility on May 25, 2022.

Paisabazaar has been working with all four credit information companies (credit bureaus) in India and providing consumers their credit reports for free from multiple bureaus, instantly.

Paisabazaar, in partnership with SBM Bank India, has also launched a credit builder product – Step UP Credit Card -- a part of its neo-lending strategy.

In March 2022, Paisabazaar became a member of the FACE Consortium, a collaborative platform of online consumer credit providers such as Orange Retail Finance and Phocket.

It is a part of PB Fintech (formerly EtechAces Marketing and Consulting), the parent company of the insurance technology platform Policybazaar.

“I always charge on success. Once we’ve got a partner in, we’ve never lost them. We make it work for both sides and then look to scale it up,” Kukreja says of Paisabazaar's model with partner banks and lenders.