Under the Digitization Stack, Paisabazaar.com will offer digital solutions for KYC verification, income and employment validation, repayment set-up, and consent on a loan agreement.
Paisabazaar.com today launched ‘Paisabazaar Stack’ – a Stack of capabilities that would make loan disbursals and credit card issuance completely digital. The Stack, through integrations with banks and NBFCs, would help consumers on the digital market platform to access credit products through presence-less and contactless processes. The Fintech has built a stack of capabilities that facilitates end-to-end digital solutions for loans and credit cards.
Under the Digitization Stack, Paisabazaar.com will offer digital solutions for KYC verification, income and employment validation, repayment set-up, and consent on a loan agreement. Paisabazaar.com is currently partnering with IndusInd Bank to offer customers on its platform a completely digital process for credit cards, using Paisabazaar Stack.
As lending, traditionally, has been dependent on offline and paper-heavy processes that needed physical interaction between the borrower and the lender, the industry was severely affected by the pandemic and lockdown, especially for the first two months, after the heath crisis broke out.
According to Paisabazaar.com, a large section of customers would be able to access credit much quicker, with its Stack, from the comfort of their homes, with zero physical interaction as each erstwhile physical step in the lending process has now been built digitally. From an earlier 3 to 7-day disbursal time, Paisabazaar today, through its Digital Stack integrations with partners, can help provide unsecured loans within 3-5 hours.
With the Digital KYC Module in its Digital Stack which includes Offline KYC verification or O-KYC (automated XML Parsing) and the subsequent Video KYC enablement, customers would be able to seamlessly upload their digital copies of their KYC documents like Aadhaar, PAN, Voter’s id, etc. with security and authenticity checks put in place through real-time OCR verification, selfie photo match and documentation check with the source, like NSDL for PAN.
With this, the lending platform will now be able to validate income and employment details of consumers applying for a loan seamlessly. Through the Stack, the platform can evaluate and do a thorough analysis of an applicant’s bank statements to determine his financial health and provide the results to its lending partners, which helps in quicker decisions.
Also, instead of sending self-attested bank statements and salary slips physically, customers would now be able to provide their proof of income to Paisabazaar digitally. Paisabazaar would then check and verify the employment details provided by the customer in a digitized manner, through official email verification, Mobile and UAN validation, EPFO data validation, and Employer plus Domain Check.
Naveen Kukreja, CEO and Co-founder, Paisabazaar.com, said, “Paisabazaar.com is uniquely placed to accelerate this critical shift towards the much-needed digitization of the entire ecosystem. I believe our Digitization Stack is a big step in that direction.”