NEW DELHI: Paisabazaar.com, a digital platform for consumer credit, has tied up with RBL Bank to offer ‘Paisa on Demand’ (PoD), a credit card.
The credit card will be exclusively available on the Paisabazaar platform. As per a press release, the credit card from RBL Bank will be lifetime free with a digital onboarding process. Along with features of a credit card, the product will provide customers the option of availing personal loans from RBL Bank, using the same credit limit at normal personal loan rates.
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “The lending industry today is at the crossroads, where credit inclusiveness and digitization would define the next phase of growth. As a marketplace leader, we understand the supply and demand dynamics along with the needs of various consumer segments. Our neo-lending strategy is being enabled by key partners like RBL Bank, and together, we aim to build innovative products that add genuine value to consumers."
Harjeet Toor, Head – Retail, Inclusion and Rural Business, RBL Bank, said, “At RBL Bank, empowering the customers is one of our key priorities. We are focussed on building simpler and innovative products that meet the evolving financial needs of the new-age customers. Through our partnership with Paisabazaar.com, we aim to build products that offer integrated services for the large under-served segments across the country.
As per the press release, this is the third product under Paisabazaar’s neo-lending strategy.
In September last year, Paisabazaar had launched a credit card, designed for new-to-credit or sub-prime consumer segments. Called ‘Step UP’, the card provide benefits of a credit card and also facilitates consumers to build their credit score. Under its neo-lending vertical, Paisabazaar claims to have also co-created a credit line for prime and super prime segments, through a paperless and presence-less process.
