Paisabazaar launches digital lending in partnership with banks
This will enable the platform to take out all paper based and physical documentation process from the loan origination process
July 31, 2020 / 03:16 PM IST
Digital lending marketplace Paisabazaar has created a complete digital suite through which consumers can access credit without any physical interactions. This would enable loan disbursal and issuing of credit cards completely digitally.
It has partnered with private sector lender IndusInd Bank to offer this service to begin with. From an earlier average disbursal time between three to seven days, through its Digital Stack integrations with lending partners, Paisabazaar can help provide unsecured loans within a few hours.
The traditional paper heavy documentation process of loan disbursals was severely affected by the pandemic. With this digital stack, the Gurugram based startup hopes to address such concerns.
Among the features of the stack, it allows platforms to complete the KYC of the applicant digitally, through a video KYC process or Aadhaar XML based offline KYC. It also allows for checking of income and employment status through official email ID matching, cross-checking of UAN, mobile number, EPFO data validation among others. It also allows for setting up of auto-debit mandates in a digital format.
“As a marketplace, the basic premise of making the Digitization Stack was to make it easily configurable for our partners and have the ability to take it live and scale it very quickly with them. Not only is it completely safe and secure but is also built for seamless integration with our partners,” said Mukesh Sharma, chief technology officer, Paisabazaar.