PaisabazaarIndia’s leading market for consumer credit and free credit score platform, very focused on its scope Home Loans and other secured loan products, with the aim of taking part of secured debt disbursals up to 50% of the total disbursals through the platform.
Usually, secured loanlike Home Loans and Loan Against Property (LAP) accounted for 13%-15% of disbursals through Paisabazaar till the end of the financial year. Home Loans and LAP have a large market, with disbursals of around INR 14 lakh crore on an annualized basis, according to internal estimates Paisabazaar.
Naveen Kukreja, Co-founder & CEO, Paisabazaar, said, “The overall macro for the Indian consumer credit market remains strong and conducive to long-term growth. For us as a business, while unsecured credit will continue to be the backbone of our growth, we also recognize great opportunity to go deeper and scale guaranteed loans, especially home loans Because home loans are a category that is generally offline and last-mile-driven, our focus is generally on building our distribution and fulfillment capabilities and large scale will also be the main driver to strengthen our business secure.
Paisabazaar, currently, focuses on Delhi NCR, Mumbai and Bengaluru, which constitute more than 30% of the total home loan market, according to estimates. This empowers the FoS team to build a strong offline presence in the three cities.
Sahil Arora, Chief Business Officer, Secured Loans, said, “We are setting up a presence where consumers are physically present, to provide end-to-end assistance in a process that is usually long and complex for many consumers. Our main focus area is building mile capabilities finally, scale distribution and increase genuine consumer value through wide selection, personalized and unbiased advice along with end-to-end assistance.
As a market platform, an important part of Paisabazaar’s secure growth strategy also lies in building and strengthening partnerships with Banks and HFCs in the ecosystem.
While Home Loans and Property Loans remain an offline business, Paisabazaar said that over the next few years, it will work with its partners to digitize certain parts of the process, which should result in better leakages and conversions.
“We see the industry coming together to build an end-to-end digital process for unsecured loans post-Covid. The onus is now on the industry to focus on building digital capabilities for secured loans. For example, the industry needs to digitize the sanctioning process for home loans, while Property evaluation and documentation can continue offline,” said Naveen Kukreja.
Along with the Home Loan and Property Loan business scale, Paisabazaar is also focusing on setting up and building new secured categories such as Securities Loan, Car Loan and Gold Loan.
The scale-backed loan will help Paisabazaar build a more diversified and robust business that can seamlessly navigate external environments and uncertain credit cycles. Paisabazaar for the last 4-5 years has also focused on building co-created products that build trail revenue streams, increasing business strength. A large scale safe business will make for a healthier business.
About Paisabazaar
Paisabazaar is India’s largest marketplace for consumer credit and free credit scoring platform. It is part of PB Fintech Group (listed on Indian stock exchange from 2021)
Over the last decade, Paisabazaar has earned the trust and goodwill of more than 45 million consumers from 823 cities and towns in India.
Every month, the platform receives more than 20 lakh inquiries from more than 1000 cities.
Paisabazaar over the years has built deep partnerships in the lending ecosystem, partnering with 60+ Banks, NBFCs, fintech NBFCs, to offer a wide range of options.
Paisabazaar has launched India’s largest credit awareness initiative, providing consumers with free credit scores from credit bureaus
Paisabazaar’s co-created strategy helps meet the gap in consumer needs, through a range of exclusive, first-to-market and best-in-class digital products, built with partner Banks and NBFCs.
Paisabazaar is also an ISO (27001:2013) certified organization with the best controls in the industry, to safeguard the best interests of consumers. We are also a PCI DSS certified organization.
