December 4, 2018
Paisabazaar.com, India’s largest online marketplace for financial products, has launched an industry-first feature that will help loan applicants choose their most-suited lender on its platform. Named ‘Chance of Approval’, this advanced predictive algorithm has been created by Paisabazaar.com by using the last four years of lending data.
While this is the first such initiative in India, globally a few leading players, like Credit Karma in the US, have developed similar features to improve the acceptance rate on their platforms.
Naveen Kukreja, Co-founder and CEO, Paisabazaar.com
“As the market leader in India, we are now looking at global benchmarks to innovate and enhance customer experience on our platform. With the Chance of Approval feature, we are bringing Indian consumers one step closer to the best international consumer experience for lending products. It will not just help our consumers choose the right lender, but also provide our partners with their desired set of customer segments,” said Naveen Kukreja, Co-founder and CEO, Paisabazaar.com.
The ‘Chance of Approval’ feature will match a borrower’s profile, like income, credit score, age etc., with the various lending criteria of banks and NBFCs, to provide customers with the chances of getting their loan application approved – Excellent, Good, Fair, Poor – against each lender. Paisabazaar.com has integrated its free credit score product with the ‘Chance of Approval’ feature, helping create an accurate credit profile for each customer, which is then mapped against customized lending options available to him.
“Using data and technology, our aim is to help each customer coming to our platform choose a product that is best suited to him, in terms of both the lender and the price. With 43 lending partners and more than 9 lakh loan enquiries in a month, our Chance of Approval model helps in matching the right customer with the right lender,” said Gaurav Aggarwal, Head, Unsecured Loans, Paisabazaar.com.
Paisabazaar.com – Chance of Approval
Paisabazaar.com has currently integrated the ‘Chance of Approval’ feature with its Personal Loan product. In the next few weeks, it plans to extend this feature to its other lending products like Credit Card, Business Loan and Home Loan.
Paisabazaar.com is India's largest online marketplace for loans and Credit Cards. It works with more than 75 partners across lending and investment categories to offer 300+ products to meet all lending and investment needs of consumers. Paisabazaar is the only marketplace in India to disburse annualized loans worth USD 1 billion.
The platform has been conferred with Economic Times “Best Fintech Brand” (2018) Economic Times “Best BFSI Brand" (2016), Money Tech “Startup of the Year” (2017) and Money Tech “Best Customer Experience Innovation” (2017) awards. PaisaBazaar.com is part of ETechAces that owns India’s leading insurtech brand, PolicyBazaar.com, and newly launched health tech platform, docprime.com. The company is backed up by a host of investors including the likes of Softbank, Temasek, Tiger Global Management, True North, InfoEdge (Naukri.com), Premji Invest, besides investments from other PE funds and family offices.