CHENNAI:
Paisabazaar
.com on Tuesday announced that it has disbursed Rs 5,000 crore of unsecured loans. The online platform has reached this milestone in 49 months, with year-on-year growth of over 170% for unsecured loans, according to a statement from the company.
“While we have witnessed strong growth, particularly in the
unsecured loan
segment, and have been the market leaders for the last 18 months, even at such large volumes we are only around 2% of India’s unsecured lending market today. We are planning to disburse unsecured loans worth $1 billion in the next 12 months. Our aim is to reach 10% of the unsecured
loan
market in the next three to four years,” said Naveen Kukreja, CEO& co-founder, Paisabazaar.com.
88% of the unsecured loans sourced through Paisabazaar.com were disbursed to salaried professionals. Disbursals to the Top 10 metros, however, take up 70% of the share in the Rs 5,000 crore of unsecured loan disbursals through Paisabazaar.com. The next 30 cities account for 12% of the disbursal share.
“Government initiatives like IndiaStack and the phenomenal rise in connected smartphone users have propelled us over the last 3-4 years to add great value to consumers buying financial products. Another big enabler in our journey has been our partners who, despite their big scale, have been extremely agile and digitally focused to help us make lending extremely simple and convenient for our consumers,” Naveen Kukreja said.
Paisabazaar.com works with over 60 partners, including top public and private banks, NBFCs and digital lenders.
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