Online financial marketplace, Paisabazaar.com has expanded its loans portfolio by entering into a strategic partnership with HDFC Bank, ICICI Bank, Kotak Prime, IndusInd Bank, AU Financiers and L&T Finance; for offering car loans to private as well as commercial customers.
These partnerships allow Paisabazaar.com to reach out to the existing and potential customers across all segments and offer car loan product on the basis of their individual requirement. While tie-up with banks would enable the company to offer loans to masses, NBFCs provide the opportunity to reach out to those who seek loans within niche segment such as used and commercial car loans.
In addition to getting loans for new cars, customers can also apply for used car loans through the website, thereby allowing Paisabazaar.com to branch out to the untapped markets in India.
Commenting on the partnership, Naveen Kukreja, Managing Director of Paisabazaar.com said: “Our decision to venture into car loans segment is in sync with our plan to create one stop destination for all kinds of loans. We are excited to partner with some of India’s largest banks and NBFCs and look forward to enhancing value proposition for those who are looking to buy car loans through our website.”
Nitish Nagori, Business Manager, Auto Loans, HDFC Bank said, "HDFC Bank has been a pioneer in introducing innovative digital services for the convenience of its customers. We are delighted to partner with Paisabazaar.com to offer the whole gamut of product offerings. With our wide distribution network in the urban, semi-urban and rural areas, we will be able to fulfill customers’ demands".
This announcement comes at an interesting juncture when India’s personal as well as commercial vehicles segment has been witnessing unprecedented growth over the past few years. As per SIAM estimates, the sales of passenger vehicles have gone up by 10.46% year-on-year. Even the commercial vehicles segment registered a growth of 19.34% (medium & heavy commercial vehicles), vis-à-vis previous year. With the increase in number of people purchasing cars every year, this trend is expected to continue moving upwards, leading to an increase in demand for car loans.
The car loan option is available at www.paisabazaar.com. On selecting the option, the consumer will be directed to car loan requirements page. The applicant will then have to specify his/her requirements and proceed to view and compare the loan offers available by different banks and NBFCs. Once the consumer chooses an offer, it is shared with the bank/ financial institution. The Paisabazaar.com team will provide all necessary assistance in the documentation and application process.
A Policybazaar.com Group venture, Paisabazaar.com currently offers all kinds of retail lending products personal loan, home loan, loan against property, auto loan, gold loan, education loan & investment products including mutual funds, savings accounts, fixed deposits (to go live soon) on its platform.