37% of Paisabazaar credit scores are from consumer tier-3 cities and towns

Ease of access to credit scores along with consistent brand investments over the past 6 years and several industry-first initiatives have resulted in consumers from across sectors visiting Paisabazaar for their free credit scores.

Naveen Kukreja, CEO and Co-Founder, Paisabazaar said, “One of the major reasons behind low access to formal credit in India is poor financial literacy, including lack of credit awareness. As a market leader, it has been our constant endeavor to deepen credit awareness by enabling consumers to track and create their credit health and access the most appropriate offers.”

So far, consumers across 823 cities and towns have obtained their free credit score from Paisabazaar. Consumer trends on Paisabazaar over the years clearly indicate an increase in credit awareness across the country, 67% of consumers who have checked their credit scores on Paisabazaar are from top metros (Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad). Kolkata, Mumbai and Pune). Of these, 37 per cent consumers are from Tier 3 cities and towns.

In the first year of Paisabazaar’s free credit score initiative, only 34% of consumers came from non-metro, today 75% of new consumers check their credit score for the first time on Paisabazaar from outside the top metros.

To raise awareness about credit scores across India, Paisabazaar has been offering free credit reports for the past few years in regional languages ​​like Marathi, Kannada and Telugu, apart from English and Hindi. Customers get their free reports in all languages ​​for free every month.

Radhika Binani, Chief Product Officer, Paisabazaar said, “While we are trying to play a small role in increasing credit awareness in the country by making it easy to access to check and track your credit score, we have also firmly stood on the divide. We are focused and worked closely with. Our partners offer customized solutions as per the requirement and aptitude of each segment.”

Paisabazaar receives over 1.7 million inquiries for credit products from 1000 cities and towns in a month from various consumer segments. As a platform of choice, Paisabazaar strives to provide tailor-made loan solutions through deep segmentation based on your credit score, income, geography and other key parameters. According to Paisabazaar’s internal analysis, over 45% of consumers who checked their credit score on Paisabazaar took at least one credit product within 6 months.

While the super-prime and prime consumer segments get seamless access to credit through pre-approved programs created with multiple banks and NBFCs, Paisabazaar provides credit improvement services for those with damaged credit, to help them climb the credit ladder. To help you climb. It has also created Step UP Credit Card, an exclusive credit builder product for the new to credit and sub-prime segments.

Paisabazaar through its credit awareness initiative has helped nearly 5 million consumers improve their score (20 or more points) within 12 months of checking their credit score on Paisabazaar. Of those, 1.6 million have increased their score by 50 or more points in one year.

Also, over 6.5 million customers, who checked their free credit score from Paisabazaar and had DPD (Days Past Due) in their report, have cleared their outstanding loans in the last ~4 years.