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Paisabazaar.com Takes its Credit Awareness Initiative Deeper into India, Launches Free Credit Report in 3 Regional Languages | ||
Gurgaon, Haryana, India
After becoming the country’s first financial entity to launch free credit score in Hindi last year, Paisabazaar.com, India’s largest digital marketplace for lending products, announced today it has introduced its credit report initiative in three regional languages. Consumers can now read and download their free credit report from Paisabazaar in Marathi, Telugu and Kannada, in addition to English and Hindi.
Paisabazaar.com says the introduction of credit score in three new languages should help a large portion of 36% of its credit score customers coming from the states of Maharashtra, Karnataka, Telangana and Andhra Pradesh, plus other Marathi, Telugu and Kannada speakers, residing in other states. Over 10 crore people in India reportedly access the Internet in Marathi, Telugu and Kannada.
Paisabazaar.com plans to closely work with all its bureau partners and innovate to advocate responsible credit behaviour, and steadily increase India’s extremely low credit penetration ratio.
Ashish Singhal, Managing Director, Experian Credit Information Company of India, said, “At Experian, we are committed to enabling financial inclusion to not only help consumers build creditworthiness, but to get better access to credit. Low awareness of credit score and factors that influence it can limit one’s ability to borrow. Paisabazaar.com’s initiative to leverage regional languages to deepen credit awareness puts consumers in control by staying on top of their credit report and building it over time to ensure easy access at the time of need.”
Radhika Binani, Chief Product Officer, Paisabazaar.com, said, “Over the short to medium term, lending will be restricted to customers with steady income and strong credit profiles due to the pandemic. In this situation, tracking and maintaining a strong credit score becomes critical. Our aim is to raise awareness and inculcate good credit behaviour that should go a long way in meeting immediate credit needs and fulfilling important life goals.”
Paisabazaar.com has been offering free credit score to customers on its platform since 2017 and over the years, it says, there has been a sharp rise in customers from outside the top metros visiting their platform to access credit products. Today, customers from over 1200 cities and towns enquire about a lending product every month on Paisabazaar.com.
According to Paisabazaar.com, by offering access to relevant information in preferred languages would not just build familiarity with formal financial products but also, help increase the purchase of financial products through the more convenient and transparent digital medium.
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