Paisabazaar has rolled out its new offering – ‘Loan against Car’.
The new product further expands Paisabazaar’s product suite and would help expand access to credit to new consumer segments.
Paisabazaar has partnered with multiple partners, including HDFC Bank and Tata Capital, to provide tailored Loan Against Car offers.
The launch is in line with Paisabazaar’s long-term strategy to go deeper in secured lending, by scaling its key categories Home Loans and Loan Against Property, while building new categories like Loan Against Car.
Paisabazaar offers a range of features and benefits on its Loan Against Car service, making it an attractive option for individuals seeking quick financing. Borrowers can avail loan amounts of up to 200 per cent of their car’s current value, providing substantial liquidity without the need to sell the vehicle.
The loan tenure can extend up to five years, allowing for flexible repayment terms. Additionally, the entire process is streamlined through easy-to-use digital platforms, ensuring a hassle-free and convenient experience for users.
Santosh Agarwal, CEO, Paisabazaar, said, “As a marketplace, we remain focused on providing varied consumer segments with diverse product offerings and a wide choice of lenders. Launching new categories like Loan Against Car is a natural step towards scaling and expanding our secured portfolio – a key growth pillar for us over the next few years. As we grow, we would continue to work with our partners and the industry to help address genuine consumer pain points and build a more inclusive ecosystem.”
Loan Against Car would offer another avenue of credit to consumers on the Paisabazaar platform, especially those with limited options from more traditional options.
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