Gugugram-based Paisabazaar.com, a prominent lending marketplace has touched a new feat in its business. This company on Monday revealed that it has completed registered annualized loan disbursement rate of $1 billion in recent times.
Unsecured loans like personal loans and business loans hold the biggest share in its total loan disbursements. The company further stated that every month paidabazaar.com disburses unsecured loan amount close to INR 480 crore. Majority of its customers are salaried people who earn an in-hand monthly salary of over INR 25,000 and credit score of more than 750.
“The landmark of reaching $ 1 billion run-rate is momentous because it shows the size of the Indian lending market. If one looks at unsecured loans alone, even at such high volumes that paisabazaar.com is doing, we are only 2 percent of the unsecured lending market. Over the next three to four years, our goal is to reach 10 percent of this market,” said Naveen Kukreja, CEO & Co-founder, Paisabazaar.com.
If one can gain some meaningful insights from the company’s past data, it would be found that 66 % of its existing borrowers were below the age of 35 years which signifies a significant number of younger populations are drifting towards paisabaazar.com for borrowing money.
Many experts believe that the growth of mobile technology is among one of the reasons why paisaabazzar.com is doing good. The company receives more than 2 million product inquiries every month from over 1100 cities and towns across India. The company revealed that 86 percent of its monthly traffic today comes through mobile phones as compared to 59 percent in April 2017.
Paisabazaar.com has also observed a momentous rise in demand for credit products from Tier II and III cities, signifying the increase in its popularity of the digital channels in accessing credit in the smaller towns. Two years ago, loans outside top 10 cities only contributed to 18 percent which has increased to 41 percent in recent times, the company further added.