Paisabazaar.com achieves annualised loan disbursal rate of $1.1 bn

Digital marketplace for consumer credit Paisabazaar.com has reached an annualised loan disbursal rate of $1.1 billion, excluding credit card issuance. Customers from 668 cities and towns accessed credit through its platform in December alone. The fintech behemoth disbursed around Rs 695 crore of loans including unsecured loans (personal and business loans) and secured loans (home loans and loan against property) , according to a company release.
 
The company believes that its business got a new lease of life during the coronavirus pandemic when users were giving preference to insurance via digital means. Senior Director and Head of Product and Analytics at Paisabazaar.com Gaurav Aggarwal said that the increased focus of the company’s partner banks and NBFCs on building completely digital platforms acted as a big enabler and ensured paperless and presence-less processes coupled with quick disbursals.
 
Paisbazaar.com also enabled digital processes like digital KYC through c-KYC integration and offline XML-based Aadhar KYC, video KYC, digital documents upload/validation, e-mandates, optical character recognition (OCR), e-sign, etc. in a bid to digitise the lending process.
 
“As challenging as it was, the pandemic has proved to be an inflection point for the lending industry, where we now have more digital-focussed processes, robust underwriting models and sustainable systems. As the country’s leading marketplace platform, we have strongly focussed on deepening partnerships and building digital infrastructure in the last 18 months, to serve the credit needs of our diverse consumer segments seamlessly,” said Naveen Kukreja, CEO & Co-founder, Paisabazaar.com.
 
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