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Paisabazaar.com Launches "Paisabazaar Stack" – To Offer Completely Digital Lending Solutions | ||
Gurgaon, Haryana, India
Paisabazaar.com, India’s largest digital marketplace for lending products, announced today the launch ‘Paisabazaar Stack’ - a Stack of capabilities that would make loan disbursals and credit card issuance completely digital. The Stack, through integrations with bank and NBFC partners, would enable consumers on the Paisabazaar platform to access credit products through presence-less and contactless processes.
Paisabazaar.com is currently partnering with IndusInd Bank to offer customers on its platform a completely digital process for credit cards, using Paisabazaar Stack.
Mr. Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “As the market leader with partnerships with most large banks and new-age lenders, we believe Paisabazaar.com is uniquely placed to accelerate this critical shift towards the much-needed digitization of the entire ecosystem. I believe our Digitization Stack is a big step in that direction.” Paisabazaar.com - 'Paisabazaar Stack'
KYC Verification
Customers would also be able to seamlessly upload their digital copies of their KYC documents like Aadhaar, PAN, Voter’s id etc. with security and authenticity checks put in place through real-time OCR verification, selfie photo match and documentation check with the source, like NSDL for PAN. Income & Employment Validation Accelerating the lending process significantly, Paisabazaar.com can now validate income and employment details of consumers applying for a loan on its platform seamlessly. Through the Stack, the fintech can evaluate and do a thorough analysis of an applicant’s bank statements to determine his financial health and provide the results to its lending partners, which helps in quicker decisioning.
Also, instead of sending self-attested bank statements and salary slips physically, customers would now be able to provide their proof of income to Paisabazaar digitally. Paisabazaar would then check and verify the employment details provided by the customer in a digitized manner, through official email verification, Mobile and UAN validation, EPFO data validation and Employer plus Domain Check.
Repayment Set-up & Agreements
As lending, traditionally, has been predominantly dependent on offline and paper-heavy processes which needed physical interaction between the borrower and the lender, the industry was severely affected by the pandemic and lockdown, especially for the first two months, after the heath crisis broke out.
Paisabazaar.com - Advantage of using Paisabazaar Stack
Paisabazaar.com works with over 130 partners to offer all types of lending products on its platform to cater to the credit enquiries from over 1200 cities and towns every month. The fintech is currently working with several Banks and NBFCs to integrate its Stack and offer a wider choice of completely digital credit products on the Paisabazaar platform.
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