Paisabazaar.com, India’s largest digital marketplace for consumer credit, announced today that it has strengthened its partnership with Axis Bank, Indias third largest private sector bank, by launching a Pre-Qualified Program for unsecured loans on its platform.The Pre-Qualified program on Paisabazaar.com entails deep technology and analytics collaboration with Banks and NBFCs, which enables select customers to view customized and pre-qualified lending offers on the fintechs platform.Axis Bank customers, both salaried and self-employed, who are eligible for pre-qualified personal loans from the bank, will now be able to view and apply for the same offers through the Paisabazaar platform as well. This integration would lead to instant access to credit for these select customers through an end-to-end digital process, which can be completed through the click of a few buttons on Paisabazaar.Speaking on the partnership, Sumit Bali,Group Executive & Head – Retail Lending, Axis Bank, said, Our partnership with Paisabazaar.com is one more step towards offering enhanced customer experience through an innovative financial solution that is both convenient and easy. Our pre-qualified credit products involve paperless processes and quick disbursals. The same delightful consumer experience on our pre-qualified products will now be available on Paisabazaar.com as well.”Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “As a market leader, we remain committed to offer the industry-best experience on our platform for varied consumer segments and offer tailor-made lending solutions. By deepening our partnership with Axis Bank, we are not only helping a section of the bank’s huge customer base access credit with ease but are also making the entire process simple, convenient and frictionless.”Paisabazaar over the last few years, especially post-pandemic, has been strongly focussing on building digital capabilities and infrastructure, through deeper partnerships with large lender Banks, like Axis Bank. Paisabazaar’s pre-qualified programs with large Banks and NBFCs have been built basis a mix of credit history, big data, and digital innovations. About Axis BankAxis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,679 domestic branches (including extension counters) and 10,970 ATMs across the country as on 30th September 2021, the network of Axis Bank spreads across 2,658 centers, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.For further information on Axis Bank, please refer to the website www.axisbank.com.About Paisabazaar.comPaisabazaar was Indias largest consumer credit marketplace with a 51.4% market share, based on disbursals in Fiscal 2020, as per Frost & Sullivan.Paisabazaar has 50+ partnerships with large banks, large NBFCs and fintech lenders to offer a wide choice of lending products for consumers on its platform. These strong partnerships, built through technology and data integration with Lending Partners to provide real-time data flow and status updates, allows the Paisabazaar platform to offer quick decision making, ease of processes and faster disbursals.From application to disbursal, Paisabazaar accompanies the Consumer at each step, providing last-mile assistance such as document collection and assistance until disbursal and advice.Paisabazaar, since 2017, has also been providing consumers access to credit reports from credit bureaus, offering Consumers lifetime checking and tracking of their credit scores for free.Paisabazaar has been recognized at several industry platforms with awards like ‘Digital Lending Award’ at the Fintech India Innovation Awards, ‘Excellence in Consumer Lending’ at IAMAI’s India Digital Awards, ‘Outstanding Crisis Finance Innovation 2021 (Asia Pacific) Award’ by Global Finance Magazine, ‘Most Innovative Lending Startup’ by India Fintech Forum and Economic Times’ ‘Most Promising Brand’.For further information on Paisabazaar, please refer to the website www.paisabazaar.com.
The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.
Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.
In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.
Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.
Source: Choice India