Paisabazaar will now tell you chance of your loan application approval on its platform
The company said that CreditKarma in the United States have a similar feature but claimed to be the first one in India to do so.
“As the market leader in India, we are now looking at global benchmarks to innovate and enhance customer experience on our platform. With the Chance of Approval feature, we are bringing Indian consumers one step closer to the best international consumer experience for lending products. It will not just help our consumers choose the right lender, but also provide our partners with their desired set of customer segments,” said Naveen Kukreja,CEO, Paisabazaar.
Explaining the way it will work, Kukreja said that the feature will match a borrower’s profile, like income, credit score, age with the various lending criteria of banks and NBFCs, to provide customers with the chances of getting their loan application approved – Excellent, Good, Fair, Poor – against each lender.
Paisabazaar.com has integrated its free credit score product with the ‘Chance of Approval’ feature, helping create an accurate credit profile for each customer, which is then mapped against customized lending options available to him. While it has been started on the Personal Loan feature as of now, the company said that it will be extended to credit cards and home loans soon.