Paisabazaar.com, India’s largest online marketplace for lending products, announced today that it has launched a credit advisory service for consumers who take their free credit report from its platform. The service is aimed to assist consumers in building a high credit score, which will help them get the best loans and credit cards at low cost.
Paisabazaar.com runs India’s biggest credit awareness initiative by providing consumers their free credit report with monthly updates for life. The new credit advisory initiative would entail Paisabazaar.com’s credit experts helping consumers with low score understand their credit report in detail and explain the necessary steps required to increase their score.
“We have witnessed a massive footfall of consumers generating their free credit report from our platform in the last 18 months. While consumers get to know their score through this initiative, a majority are not aware about how to improve it. So, the natural next step for us was to introduce an advisory service that would guide consumers towards building a healthy credit score,” said Naveen Kukreja, CEO & Co-founder-Paisabazaar.com.
“While awareness around the importance of credit score has risen over the years, all of us as consumers need to know about the various aspects that determine the score. As Paisabazaar.com’s bureau partner, we believe in empowering consumers by promoting responsible credit behaviour and increasing their access to more lending products,” said Vaishali Kasture, Managing Director and Country Head-Experian India.
Paisabazaar.com says over 20% of the customers who have taken their free credit report from its platform in the last 18 months, have a low score (500 to 700), while another 6% have very low score (less than 500). A credit score of over 750 is usually preferred by lenders while considering a consumer’s application for a loan or a credit card.
“Consumers are often clueless why their credit score is low. Our credit advisory service would help them first identify these reasons, and then prepare a plan of action to tackle them. This could be through healthy credit behaviour, like maintaining a good credit utilization ratio, timely payments of EMIs and bills, or through customised product recommendations. We will also actively assist the consumers in rectifying any errors in their report and closing outstanding loans, all aimed to build a strong credit score for consumers,” added Naveen Kukreja.
Paisabazaar.com is India’s largest online financial marketplace for loans and Credit Cards. It offers all a complete spectrum of lending and investment products for retail customers. Paisabazaar.com currently partners with more than 75 partners across lending and investment categories with 300+ products on offer. Since its inception in early 2014, the company has marked a staggering growth.
It is the only marketplace in India to disburse loans worth Rs. 360 crore in a month to more than 450 cities and towns. The company is targeting a 3X growth and aims to cross Rs. 6000 crore annualized disbursal run rate by the end of this financial year. It plans to touch annualized disbursal of Rs. 25000 crore by 2020.
The portal has been conferred with Economic Times “Best Fintech Brand” (2018) Economic Times “Best BFSI Brand” (2016), Money Tech “Startup of the Year” (2017) and Money Tech “Best Customer Experience Innovation” (2017) awards.
Paisabazaar is part of Policybazaar group, India’s largest online insurance platform and has backing from host of investors including the likes of Temasek, Tiger Global Management, True North, InfoEdge (Naukri.com), Premji Invest, besides investments from other PE funds and family offices.