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BankBazaar, an online marketplace for financial products, has partnered with Ujjivan Small Finance Bank for providing Personal Loans. With this partnership, the company intends to drive greater financial inclusion especially among those customers who are economically active but not adequately served by the formal banking sector.
While the company has partnered with banks, NBFCs, and fintechs earlier, this is the first time they tied up with a Small Finance Bank for credit products. The Personal Loan products from Ujjivan Small Finance Bank for salaried professionals went live on BankBazaar in the first week of January.
Commenting on the partnership, Adhil Shetty, Co-founder and CEO, BankBazaar, said: “Personal loans fulfil your immediate cash needs, be it for a few thousand rupees or a few lakhs. As people increasingly turn to personal loans to fulfil their aspirations, there is an increasing need for the right product at the right juncture. Ujjivan Bank is strongly positioned to cater to the under-banked urban customer segment, and we believe that partnership will help us bring more products to these customers.”
Speaking about the partnership with BankBazaar, Samit Ghosh, MD & CEO of Ujjivan Small Finance Bank said: “We are expanding our product offerings and our retail assets are growing well. We are confident that BankBazaar’s wide distribution network and its strong customer base will give us a head-start on this. As we grow, we continue to reach out to the unserved and underserved and cater to the customized needs of the mass market segment.”
BankBazaar has been steadily increasing the depth of products it hosts on the site so that customers across geographies and demographics can access products that are relevant to their specific requirements. Over the years, BankBazaar has seen significant growth in the Personal Loan category. The company believes that the demand is still growing, and that the demand for unsecured credit in non-metros could very well outpace that of the metros in 2019.
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