New Delhi: Paisabazaar.com, India's largest online marketplace for financial products has launched an industry-first feature that will help loan applicants choose their most-suited lender on its platform.
Named 'Chance of Approval', this advanced predictive algorithm has been created by Paisabazaar.com by using the last four years of lending data.
While this is the first such initiative in India, globally a few leading players, like Credit Karma in the US, have developed similar features to improve the acceptance rate on their platforms.
"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, Co-founder and CEO, Paisabazaar.com.
The 'Chance of Approval' feature will match a borrower's profile, like income, credit score, age etc., 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.
"Using data and technology, our aim is to help each customer coming to our platform choose a product that is best suited to him, in terms of both the lender and the price. With 43 lending partners and more than nine lakh loan enquiries in a month, our Chance of Approval model helps in matching the right customer with the right lender," said Gaurav Aggarwal, Head, Unsecured Loans, Paisabazaar.com.
Paisabazaar.com has currently integrated the 'Chance of Approval' feature with its Personal Loan product. In the next few weeks, it plans to extend this feature to its other lending products like Credit Card, Business Loan and Home Loan.