HDFC Bank and Paisabazaar.com has announced that they have disbursed unsecured loans worth Rs. 1000 crore till date. Paisabazaar.com entered into a partnership with HDFC Bank in April, 2015, and has now become one of the leading distributors for HDFC Bank.
Paisabazaar.com and HDFC Bank have recently launched instant and paperless approval process, where customers would get an instant approval on loans applied from HDFC Bank through the Paisabazaar.com platform.
"At HDFC Bank, our endeavor is to give our customers an experience by leveraging digital platforms. One of the areas is to make our lending process simpler and faster. Paisabazaar.com has been working with us to enable an efficient system to source and lend to customers using technology and innovation. The success of the partnership is evident from the milestone we have touched," said group head, unsecured loans, home and mortgage loans, HDFC Bank, Arvind Kapil.
"From the sixth player to enter the market, to becoming the market leader in less than three years, Paisabazaar.com has been growing at 130 percent p.a. consistently. One of the biggest reasons behind our success has been the valuable support of HDFC Bank. Through technology and innovation, we are aiming to make this partnership stronger in the future. We are targeting to reach the Rs. 1500 crore milestone with HDFC Bank by March next year," said CEO and co-founder Paisabazaar.com, Naveen Kukreja.
Making the strategic alliance stronger, Paisabazaar.com and HDFC bank have also collaborated on multiple products across the spectrum including credit cards and lending products like Business Loans, Home Loans, Auto Loans and Gold Loans, and have seen success across products.
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