Paisabazaar.com ties up with banks and NBFCc to offer car loan

NEW DELHI: Online financial marketplace, Paisabazaar.com has expanded its product line by tying up with HDFC Bank, ICICI Bank, Kotak Prime, IndusInd Bank, AU Financiers and L&T Finance for offering car loans to private as well as commercial customers, according to a company press release.

These partnerships allow Paisabazaar.com to reach out to existing and potential customers across all segments and offer car loans to them on the basis of their individual requirement. While the tie-up with banks would enable the company to offer loans to the masses, joining hands with NBFCs would provide the opportunity to reach out to those who seek loans within niche segments such as used and commercial car loans.

In addition to getting loans for new cars, customers can also apply for used car loans through the website, thereby allowing Paisabazaar.com to enter untapped markets in India.

The car loan option is available at www.paisabazaar.com. On selecting the option, the consumer will be directed to car loan requirements page. The applicant will then have to specify his/her requirements and proceed to view and compare the loan offers available by different banks and NBFCs. Once the consumer chooses an offer, it is shared with the bank/ financial institution. The Paisabazaar.com team will provide all necessary assistance in the documentation and application process.

Commenting on the partnership, Naveen Kukreja, Managing Director of Paisabazaar.com said: "Our decision to venture into car loans segment is in sync with our plan to create one stop destination for all kinds of loans. We are excited to partner with some of India's largest banks and NBFCs and look forward to enhancing value proposition for those who are looking to buy car loans through our website."