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Paisabazaar Rolls out its Neo-lending Strategy, Launches Step Up Credit Card with SBM Bank India | ||
Gurgaon, Haryana, India
Paisabazaar.com, India’s largest lending marketplace and Credit Score platform, and SBM Bank India, the youngest universal Bank, today announced the launch of Step Up Credit Card - a credit builder product designed for consumers with limited access to formal credit, due to ineligible credit score.
The Step Up Credit Card, built in partnership with SBM Bank India, is the first product to be launched under Paisabazaar’s neo-lending strategy.
Step Up Credit Card
A secured card provided against a fixed deposit (with SBM Bank India), Step Up Card helps consumers with damaged credit or those with no credit history to steadily build their Credit Score. While responsible use of Step Up Credit Card enables consumers to reach a strong Credit Score, it also allows them to enjoy benefits of a credit card, and earn strong returns on their fixed deposit. For more details on Step Up Credit Card - www.paisabazaar.com/stepupcard/.
Paisabazaar aims to meet the credit needs of underserved segments Low penetration of formal credit in India is reflected in the country’s household debt to GDP ratio, which is significantly lower than that of developed markets like the UK and US. This is primarily because large segments of India’s population have remained outside the realm of formal credit. While segments like Salaried Prime have been traditionally served well by large Banks and NBFCs, other large segments like Salaried Sub-Prime, New to Credit and SMEs have had limited access to formal credit.
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “For India’s lending industry, the big challenge remains market under-penetration. Even today, credit is restricted to only select consumer segments. At Paisabazaar, we are uniquely placed to expand the reach of formal credit, together with our partners. The Step Up Card, created with SBM Bank India, is a testimony to our commitment to serve underserved customer segments.”
Under its neo-lending strategy, Paisabazaar plans to co-create and introduce innovative products that would meet specific need gaps of varied consumer segments. Gaurav Aggarwal, Senior Director, Paisabazaar.com, said, “Along with catering to the needs of underserved segments, ownership of processes and products would help us offer a great consumer experience. Also, data related to usage and behaviour would provide key insights and intelligence, enabling us to identify consumer needs more accurately, fostering further innovations.”
About Paisabazaar.com
About SBM Bank India SBM Bank India has profound domain expertise and is led by a core team comprising of industry veterans having over a century of cumulative experience in banking and financial services. The Bank offers a diverse suite of universal products and services to its customers which include Deposits, Advances, NRI Services, Treasury Products and Trade Finance Services. SBM Bank India stands poised to embark on a new journey, innovating in every sphere of its business, expanding its service proposition to include an extensive suite of retail and wholesale banking products and capital markets. |
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