Summary:
Gurgaon, Haryana, India (NewsVoir) Paisabazaar.com, India’s largest* digital marketplace for consumer credit, announced today that it has reached an annualised loan disbursal rate of $ 1.1 billion (excluding credit card issuance).
In December 2021, the fintech disbursed ~Rs.
695 crore of loans, which included unsecured loans like personal and business loans and secured loans like Home Loans and Loan Against Property.
Since March 2020, the pandemic had deeply impacted the lending industry, and Paisabazaar says along with external factors like the lockdown, moratorium and overall economic disruptions, the lack of digital infrastructure within the lending industry and over-reliance on physical processes led to plummeting of supply of new credit.
However, with gradual and steady resumption of economic activities and shift towards digital-led lending processes within the industry, lending volumes have steadily increased in the last 12-15 months, albeit a brief lean period caused by the second covid wave in April-May 2021.
“As challenging as it was, the pandemic has proved to be an inflection point for the lending industry, where we now have more digital-focussed processes, robust underwriting models and sustainable systems.