NEW DELHI: Paisabazaar.com, a digital consumer credit platform, has partnered with RBL Bank to offer “Paisa on Demand” (PoD), a credit card.
The credit card will be exclusively available on the Paisabazaar platform. According to a press release, the RBL Bank credit card will be free for life with a digital onboarding process. In addition to the features of a credit card, the product will offer customers the option of receiving personal loans from RBL Bank, using the same credit limit at normal personal loan rates.
Naveen Kukreja, CEO and Co-Founder of Paisabazaar.com, said, “The lending industry today stands at a crossroads, where credit inclusiveness and digitalization would define the next phase of growth. As a market leader, we understand the dynamics of supply and demand as well as the needs of different consumer segments. Our neo-loan strategy is made possible by key partners such as RBL Bank, and together we aim to create innovative products that add real value to consumers. »
Harjeet Toor, Head – Retail, Inclusion and Rural Business, RBL Bank, said: “At RBL Bank, empowering customers is one of our top priorities. We are focused on creating simpler, more innovative products that meet the ever-changing financial needs of new-age customers. Through our partnership with Paisabazaar.com, we aim to create products that offer integrated services for large underserved segments across the country.
According to the press release, this is the third product under Paisabazaar’s neo-loan strategy.
In September last year, Paisabazaar launched a credit card, designed for consumer segments new to credit or subprime. Called “Step UP,” the card offers the benefits of a credit card and also helps consumers build their credit score. As part of its neo-lending vertical, Paisabazaar says it has also co-created a line of credit for the prime and super prime segments, through a paperless, zero-attendance process.
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