Paisabazaar.com, India’s largest lending marketplace and Credit Score platform, and SBM Bank India, the youngest universal Bank, today announced 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.
A key part of Paisabazaar’s long-term growth strategy is building neo-lending products with partners, to meet specific consumer need gaps. These innovative products would drive inclusiveness, by enabling underserved segments to access credit and over the long-term, strengthen the lending ecosystem. 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 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. For more details on Step Up Credit Card - https://www.paisabazaar.com/stepupcard/.
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.â€
