Paisabazaar rolls out neo-lending strategy, launches Step Up Credit Card with SBM Bank India

New Delhi: Lending marketplace and Credit Score platform Paisabazaar.com has tied up with SBM Bank India to announce the launch of Step Up Credit Card – a credit builder product designed for consumers with limited access to formal credit, due to ineligible credit score.

The Step Up Credit Card, built in partnership with SBM Bank India, is the first product to be launched under Paisabazaar’s neo-lending strategy, a company statement said.

A secured card provided against a fixed deposit (with SBM Bank India), Step Up Card helps consumers with damaged credit or those with no credit history to steadily build their Credit Score. While responsible use of Step Up Credit Card enables consumers to reach a strong Credit Score, it also allows them to enjoy benefits of a credit card, and earn strong returns on their fixed deposit.

Consumers can take the Step Up Credit Card on the Paisabazaar platform through a completely digital and paperless process, with instant issuance and activation. Paisabazaar and SBM Bank India are also creating a program that would enable revisions in credit limit, based on consumer usage and behaviour through the Step Up Credit Card, the company added.

Key highlights of Step Up Credit Card

- Step Up Credit Card is a secured credit card, backed by a FD

-Aimed for consumers, who are new to credit or have damaged credit

-The card has an end-to-end digital process, with instant issuance and activation

-First in line in Paisabazaar’s neo-lending strategy, aimed to drive inclusiveness

Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “For India’s lending industry, the big challenge remains market under-penetration. Even today, credit is restricted to only select consumer segments. At Paisabazaar, we are uniquely placed to expand the reach of formal credit, together with our partners. The Step Up Card, created with SBM Bank India, is a testimony to our commitment to serve underserved customer segments.”