As digital-lending marketplaces emerge with ground-breaking goods to disturb the lending sector, platforms which link them to possible borrowers are opening up to enlist their goods along with those of conventional lenders such as NBFCs and banks.
For the first time in the industry, one of the largest marketplaces of the country, Paisabazaar, has enlisted 4 players such as Paysense, CASHe, HomeCredit, and EarlySalary on to its platform for users who come to the site seeking for credit. BankBazaar is also in discussions with different digital lending companies to list on their website. Indifi Technologies has associated with digital lending companies such as In-Cred and Lendingkart for medium and micro small enterprises.
“Banks typically tend to seek better users, with higher scores of credit, normally limiting personal loans in the range of Rs 50,000 and Rs 1 Lakh with at least a salary of Rs 25,000 each month,” claimed Business Head for unsecured loans at Paisabazaar, Gaurav Aggarwal, to the media in an interview. “A large mass of users coming to our platform with less salaries are likely to miss out owing to such norms.”
By onboarding associates such as these, Paisabazaar is aiming to attract users with small income and with a thin credit profile looking for lesser amounts of credit for small time frames. “We receive 1.6 Lakh queries and a huge chunk of them are classic new age users, who have lately begun working but since they cannot meet the strict norm of NBFCs and big banks, they can receive a loan from our digital lending platforms,” said Aggarwal. “We had carried out 6,500 payments last month and anticipate reaching the run rate of 25,000 to 30,000 on a periodic basis via these associates,” said Aggarwal.
In the same way, Bankbazaar has started discussions with digital lending companies to bring in goods supplying to the personal small value loans for “new to credit” users. “We are calculating potential associations. A lot of conventional lenders are also making an attempt to discover the ‘new to credit’ sector, but these are still at premature stages,” said CEO of Bankbazaar, Adhil Shetty, to the media.