Paisabazaar.com, a marketplace for loans and cards, on Tuesday announced a new lending product category - Short Term Personal Loans or STPL - for customers who need small loans for a short period.
Paisabazaar.com has tied up with new-age digital lenders like CASHe, Early Salary, Paysense, StashFin and Shubh Loans to offer this product on its platform. It plans to bring at least 5 more partners on board and disburse over 10,000 loans per month by March, 2018.
"Being India's largest online platform for loans, we receive demands for various kinds of credit products. Over the last six months, we saw emergence of a significantly sized customer segment that is looking for quick loans of small amounts. These are usually young salaried professionals who need immediate funds for an impending need, but do not have a strong credit profile to approach banks and NBFCs. Through STPL, we are ensuring that not only these customers' credit needs are met, but also helping build their credit profile for the future," said Naveen Kukreja, CEO and Co-founder, Paisabazaar.com.
STPL is available on Paisabazaar.com through an end-to-end digitized process and would help customers get almost instant access to credit.
"From traditional lending products offered by banks and NBFCs to innovative credit offerings by digital lenders, Paisabazaar aims to meet borrowing need of consumers. STPL has enabled us to partner with fintechs and together, we have leveraged the best technologies to not just offer borrowers a range of great products but a delightful experience," said Gaurav Aggarwal, Head, Unsecured Loans, Paisabazaar.com.
"We, at CASHe, are thrilled to partner with Paisabazaar.com to offer our app-based short-term lending products on its platform. This provides us with a great opportunity to tap the massive customer base of Paisabazaar.com and help them meet their short-term credit needs through a completely digital and hassle-free process," added V. Raman Kumar, Chairman, Aeries Financial Technologies.
Akshay Mehrotra, Co-Founder and CEO, EarlySalary.com, said, "At EarlySalary, we are looking to help young salaried professionals every time they fall short of cash. Our partnership with Paisabazaar.com has enabled us to expand our distribution base and reach out to millennials from all parts of the country."
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Tushar Aggarwal, Founder and CEO, StashFin, added, "For borrowers in this segment, quick disbursement and hassle-free service are of topmost priority, which we are able to cater to by implementing Machine Learning and AI models, leading to a much faster lending process. Through our integration with Paisabazaar, we provide a seamless experience to a wider range of borrowers."
Paisabazaar.com currently disburses over Rs. 300 crore of loans every month, to more than 450 cities and towns across India. It plans to reach an annualised disbursal of Rs. 6000 crore by the end of this financial year.