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Business Economy

BankBazaar partners with Ujjivan Bank for personal loans

Mumbai, Jan 29 (UNI) BankBazaar, India's leading online marketplace for financial products, announced partnership with Ujjivan Small Finance Bank for 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, according to a statement here on Wednesday.
BankBazaar has been steadily increasing the depth of products it hosts on the site, so that the customers across geographies and demographics can access products, which are relevant to their specific requirements.
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.
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.
Speaking about the partnership, Adhil Shetty, Co-founder and CEO, BankBazaar, said "Personal Loans fulfill your immediate cash needs, be it for a few thousand rupees or a few lakhs.
''As people increasingly turn to Personal Loans to fulfill 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."

Traditionally, the metro cities have been considered as the place where people make their financial dreams a reality. However, the BankBazaar Aspiration Index revealed that the non-metros are as aspirational as the metros, and that the average millennial is comfortable taking a loan, to fulfill these aspirations.
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