- Customized and conditionally approved loans* from YES BANK will be available for customers of Paisabazaar
- First-in-the-Industry Innovation by YES BANK and Paisabazaar using Big Data & Analytics
Mumbai/ Gurgaon, April 25, 2017: Paisabazaar.com, India’s largest financial marketplace for loans and Credit Cards, today announced a first of its kind strategic partnership with YES BANK, India’s 5th largest private sector Bank. This is for the first time in the industry that a large financial marketplace has entered into a unique customer level alliance with a bank to offer conditionally approved loans* to their existing customers.
As part of the alliance, YES BANK will help Paisabazaar.com through the Bank’s advanced analytics and data mining capabilities to offer Paisabazaar.com customers with customized and conditionally approved offers across YES BANK’s retail lending products. This partnership would allow Paisabazaar.com customers to avail retail lending product offering from YES BANK without having to go through cumbersome paperwork process or visiting lender’s office. This is being offered through a mix of using Big Data, Bureau performance & Internal analytics and digital innovations. YES BANK and PaisaBazaar.com aim to make the process of availing a loan easy and seamless and act as a one stop financial solution provider for all retail lending needs of the customer.
Speaking about the partnership, Pralay Mondal, Senior Group President, Branch and Retail Banking, YES BANK, said "Since inception, YES BANK has been a pioneer in using technology and innovation to revolutionize the Banking experience in India. We are glad to partner with Paisabazaar.com, and are committed to providing a delightful customer experience based on our strengths in Customer Analytics and Big Data to offer a personalized banking solution to all customers".
Speaking on the tie-up, Naveen Kukreja, Co-founder & CEO, Paisabazaar.com, said, “Through tie-ups with the country’s top-most banks and financial institutions, we are ensuring that customers with varied profiles and needs have a wide range of products to choose from on the Paisabazaar platform. We are excited to tie up with YES BANK, with whom we share a similar vision of providing customers with customized personal finance solutions through digital innovations. By offering YES BANK pre-qualified retail products, we are together ensuring that customers meet their lending needs in the best and quickest manner possible on the Paisabazaar platform.”
*Conditionally approved loans are offers made basis customers declaration. The final offer will be made post submission of the Application form
Paisabazaar.com is India's largest online financial marketplace for investment and lending products. It currently offers all kinds of retail lending products such as personal loan, home loan, loan against property, auto loan, gold loan, education loan and credit cards. It also offers investment products, including mutual funds, savings account and fixed deposits on its platform.
Since its inception in early 2014, the company has marked a staggering growth and now has over 10 million visitors coming to its website each year. Paisabazaar.com currently partners with more than 75 partners across lending and investment categories with 100+ products on offer. On an annualized basis, it receives over 4 million enquiries and Rs. 2500 crore is disbursed through Paisabazaar’s marketplace platform.
The portal was recently conferred with Fintech Start Up of the Year & Best Innovation in Customer Experience Award at MoneyTech2017. Apart from this, the company also won Economic Times’s "Best BFSI Brand Award" in 2016. Paisabazaar.com has been recognized as an “Emerging Brand” at the prestigious CMO Asia Awards, as well as by Indian Brand Convention.
Paisabazaar is part of Policybazaar group, India's largest online insurance platform and is an InfoEdge (Naukri.com), Premji Invest, Tiger Global Management, Temasek, Steadview Capital, Ribbit Capital and Inventus Capital Investee Company.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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