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13 Dec 2017, 18:20 HRS IST
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  • PTI
  • Press Release


Source:Paisabazaar.com
Category:General
Paisabazaar.com Sources the Biggest Ever Single Unsecured Loan of Rs. 75 Lakh for Kotak Mahindra Bank
07/12/2017

Paisabazaar.com Sources the Biggest Ever Single Unsecured Loan of Rs. 75 Lakh for Kotak Mahindra Bank

 

Gurgaon, Haryana, India (NewsVoir) December 7, 2017 -

Paisabazaar.com, India’s No.1 Marketplace for loans and cards, today announced it has sourced an unsecured business loan of Rs. 75 lakh – its biggest ever in the unsecured product category. The loan, applied from the Paisabazaar.com platform, was provided by Kotak Mahindra Bank.

 

Paisabazaar.com said it believes the Rs. 75-lakh loan is possibly the biggest unsecured loan sourced from an online platform.

 

Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “While the average industry ticket size of an unsecured loan would be around Rs. 3.5 lakh, Paisabazaar.com has witnessed a big surge in high ticket loan applications this year. HNI customers have begun to realize the transparency and convenience Paisabazaar.com provides. Kotak, one of our most valuable partners, is helping us provide this experience to customers and we look forward to achieving bigger milestones with them.

 

Sumit Bali, Sr. EVP & Head – Personal Assets, Kotak Mahindra Bank said, “At Kotak, our aim is to grow our retail loan book with high quality assets across products without losing sight of customer convenience. We leverage technology extensively to design banking solutions that simplify products and services, and is easily accessible to our customers. Over the past several months, we have seen a steady rise in the sourcing of personal loans through digital channels. Our partnership with Paisabazaar.com is yet another step in delivering world-class banking solutions to our customers.”

 

The Rs. 75 lakh loan was disbursed to Yousuf Raja (name changed), who owns a software company and plans to use the loan to expand his business.

 

I found the Paisabazaar platform very easy to use. The entire process was also extremely convenient. The Paisabazaar team assisted me throughout and ensured the loan was disbursed quickly without any hassle or delay. This loan will help me expand my business,” he said.

 

Paisabazaar.com has also disbursed what is believed to be the country's largest online home loan disbursal of Rs. 5.68 crore.

 

About PaisaBazaar.com

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 and now has over 33 million visitors coming to its website each year.

 

It is the only financial player to disburse loans worth Rs. 2500 crore worth in a financial year (2016-17). 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 BFSI Brand Award", Money Tech “Startup of the Year" and Money Tech “Best Customer Experience Innovation” in the last one year. Apart from this, Paisabazaar.com has been recognized as an “Emerging Brand” at the prestigious CMO Asia Awards, as well as by Indian Brand Convention.

 

Paisabazaar is part of Policybazaar group, India's largest online insurance platform and is an InfoEdge (Naukri.com), Premji Invest,  Tiger Global Management, Temasek, Steadview Capital, Ribbit Capital and Inventus Capital Investee Company. 

 

(Attn.editors: The above press release comes to you under an arrangement with NewsVoir. PTI takes no editorial responsibility for the same)

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