Latest news with #RadhikaBinani
Mint
19-05-2025
- Business
- Mint
Youngsters in India start their credit journey in their 20s, shows study
Consumers have started their credit journeys at a significantly younger age with each passing generation, revealed an internal analysis by Paisabazaar. This analysis was based on the data of consumers who have checked their credit score from Paisabazaar over the years, along with a consumer survey. While consumers born in the 1970s typically availed their first credit product in their late 30s or early 40s, those born in the 1990s began their credit journey in their mid-20s - an over 15-year drop in credit adoption age, clearly indicating easing of access and shift in consumer mindset in availing credit. The analysis highlights a generational shift not just in the age, but also in the types of products availed to begin the credit journey. While older generations took secured loans like home or auto loans as their first credit product, those born in the 1990s - entered the credit ecosystem typically via unsecured products like credit cards, personal loans, along with consumer durable loans, often by age 25-28. Home loans, traditionally accessed later in life, are also being availed earlier, with the average age falling from 41 (for 70s-born) to 28 (for 90s-born). Similarly, the average age for business loans has dropped from 42 to 27, reflecting India's growing entrepreneurial spirit and better access to MSME lending products. The findings also show that consumers born after 2000 are continuing this trend, with early signs of even earlier credit adoption - often starting around the age of 22, primarily via small-ticket loans and Buy Now Pay Later (BNPL) products. Radhika Binani, Chief Product Officer, Paisabazaar, said, 'Today's young consumers are more aware, aspirational, and digitally savvy. They are not only accessing credit earlier but also using it more confidently and diversely - whether to meet life goals or lifestyle and aspirational needs. Our analysis also indicates the evolution of the ecosystem, easing access over time. We remain committed to empowering consumers with the right tools and guidance to build healthy credit behaviours from the start." Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
Business Standard
13-05-2025
- Business
- Business Standard
Paisabazaar Launches PB VCR - India's First AI-based Video Credit Report
NewsVoir Gurgaon (Haryana) [India], May 13: Paisabazaar, India's largest marketplace for consumer credit and free credit score platform, announced today the launch of 'PB VCR' (Paisabazaar Video Credit Report) - an AI-based video representation of consumers' credit report. PB VCR would provide each consumer their credit score, along with their performance on various aspects that impact their score, through an easy to understand and jargon free video. The AI-powered videos would offer insights around one's credit behaviour, enabling deeper awareness and responsible actions, around key aspects including repayment history, credit utilization, credit enquiries, credit mix etc. As PB VCR evolves, it would also provide each consumer with personalized solutions and recommendations to improve their credit health. PB-VCR is an in-house fine-tuned text-to-speech model that leverages a combination of Vector Quantized-Variational AutoEncoder (VQ-VAE), GPT2 architecture, and Diffusion-based UnivNet vocoder for ensuring clarity and fluency in Hinglish (Hindi+English) speech. Radhika Binani, Chief Product Officer, Paisabazaar, said, "Our credit awareness program focuses on helping consumers manage and better their credit health. We have been continuously innovating, to help consumers track their credit health, climb up the credit ladder and strengthen their overall financial standing. PB VCR is another first-in-the-industry step towards making access to credit health seamless and easy for India." Paisabazaar last year launched PB Assist- an AI-powered Credit Advisor, that, through chat, would offer a holistic view of a consumer's credit health and offer insights that empower consumers to make informed credit decisions. Both PB Assist and PB VCR are part of Paisabazaar's subscription-based Credit Improvement services, aimed at helping consumers with damaged credit improve their credit health. Mukesh Sharma, Chief Technology Officer, Paisabazaar, said, "Our credit score platform has been built on global benchmarks, and as a consumer focused platform, we continue to be committed to use cutting-edge technology to offer seamless experiences. With VCR, we hope not just to delight consumers, but to deepen awareness around monitoring and building our consumers' credit health." Paisabazaar has been running its credit awareness initiative since 2017 by providing consumers with their free credit score every month, in partnership with all 4 Credit Bureaus. Paisabazaar is also the first player to offer consumers their free credit report in 7 regional languages. It also offers exclusive credit builder products, an advisory service and a detailed credit report to help consumers climb up the credit ladder. Over 50 million consumers from 823 cities across India have checked their free credit score from the Paisabazaar platform. * Paisabazaar is India's largest marketplace for consumer credit and free credit score platform. It is part of the PB Fintech Group (listed on Indian stock exchanges since 2021) * Over the last 11 years, Paisabazaar has earned the trust and goodwill of over 50 million consumers * Every month, the platform receives around 20 lakh enquiries from more than 1000 cities. * Paisabazaar over the years has built deep partnerships within the lending ecosystem, partnering with 60+ Banks, NBFCs, NBFC fintechs, to offer wide choice * Paisabazaar has been running India's largest credit awareness initiative, by offering consumers their credit score from the credit bureaus for free * Paisabazaar's co-created strategy helps meet consumer need gaps, through a robust array of exclusive, first-in-market and best-in-class digital products, built with partner Banks and NBFCs * Paisabazaar is also an ISO (27001: 2013) certified organization with industry-best controls, to safeguard the best interest of consumers. We are also a PCI DSS certified organization
Fashion Value Chain
13-05-2025
- Business
- Fashion Value Chain
Paisabazaar Launches PB VCR – India's First AI-based Video Credit Report
PB VCR to provide a personalized video representation of each consumer's credit report Actionable insights along with personalized solutions and recommendations to be part of VCR Part of Paisabazaar's Credit Improvement services, to help deepen awareness Last year, Paisabazaar also launched PB Assist- an AI-powered Credit Advisor Paisabazaar, India's largest marketplace for consumer credit and free credit score platform, announced today the launch of 'PB VCR' (Paisabazaar Video Credit Report) – an AI-based video representation of consumers' credit report. PB VCR would provide each consumer their credit score, along with their performance on various aspects that impact their score, through an easy to understand and jargon free video. The AI-powered videos would offer insights around one's credit behaviour, enabling deeper awareness and responsible actions, around key aspects including repayment history, credit utilization, credit enquiries, credit mix etc. As PB VCR evolves, it would also provide each consumer with personalized solutions and recommendations to improve their credit health. PB-VCR is an in-house fine-tuned text-to-speech model that leverages a combination of Vector Quantized-Variational AutoEncoder (VQ-VAE), GPT2 architecture, and Diffusion-based UnivNet vocoder for ensuring clarity and fluency in Hinglish (Hindi+English) speech. Radhika Binani, Chief Product Officer, Paisabazaar, said, 'Our credit awareness program focuses on helping consumers manage and better their credit health. We have been continuously innovating, to help consumers track their credit health, climb up the credit ladder and strengthen their overall financial standing. PB VCR is another first-in-the-industry step towards making access to credit health seamless and easy for India.' Paisabazaar last year launched PB Assist- an AI-powered Credit Advisor, that, through chat, would offer a holistic view of a consumer's credit health and offer insights that empower consumers to make informed credit decisions. Both PB Assist and PB VCR are part of Paisabazaar's subscription-based Credit Improvement services, aimed at helping consumers with damaged credit improve their credit health. Mukesh Sharma, Chief Technology Officer, Paisabazaar, said, 'Our credit score platform has been built on global benchmarks, and as a consumer focused platform, we continue to be committed to use cutting-edge technology to offer seamless experiences. With VCR, we hope not just to delight consumers, but to deepen awareness around monitoring and building our consumers' credit health.' Paisabazaar has been running its credit awareness initiative since 2017 by providing consumers with their free credit score every month, in partnership with all 4 Credit Bureaus. Paisabazaar is also the first player to offer consumers their free credit report in 7 regional languages. It also offers exclusive credit builder products, an advisory service and a detailed credit report to help consumers climb up the credit ladder. Over 50 million consumers from 823 cities across India have checked their free credit score from the Paisabazaar platform. About Paisabazaar Paisabazaar is India's largest marketplace for consumer credit and free credit score platform. It is part of the PB Fintech Group (listed on Indian stock exchanges since 2021) Over the last 11 years, Paisabazaar has earned the trust and goodwill of over 50 million consumers Every month, the platform receives around 20 lakh enquiries from more than 1000 cities. Paisabazaar over the years has built deep partnerships within the lending ecosystem, partnering with 60+ Banks, NBFCs, NBFC fintechs, to offer wide choice Paisabazaar has been running India's largest credit awareness initiative, by offering consumers their credit score from the credit bureaus for free Paisabazaar's co-created strategy helps meet consumer need gaps, through a robust array of exclusive, first-in-market and best-in-class digital products, built with partner Banks and NBFCs Paisabazaar is also an ISO (27001: 2013) certified organization with industry-best controls, to safeguard the best interest of consumers. We are also a PCI DSS certified organization
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Business Standard
02-05-2025
- Business
- Business Standard
Alarming! Gen Z drives credit boom: Cards, loans being taken as early as 22
The average age at which Indians avail their first credit product has dropped by 21 years, according to a new consumer insights study by Paisabazaar, signalling a sharp generational shift in financial behavior. With easier access to loans and a rise in digital financial literacy, today's consumers are starting their credit journeys in their mid-20s—compared to their parents, who typically began in their late 40s. Paisabazaar's analysis of credit patterns from over 10 million consumers shows that individuals born in the 1960s took their first credit product, usually a home loan, at an average age of 47, while those born in the 1990s started their credit journeys as early as 25–28, often with credit cards or personal loans. "Today's young consumers are more aware, aspirational, and digitally savvy," said Radhika Binani, Chief Product Officer, Paisabazaar. "They are not only accessing credit earlier but also using it more confidently and diversely—whether to meet life goals or lifestyle and aspirational needs," she said. But what is alarming is that Gen Z is starting their credit journeys earlier than any previous generation, often as young as 22. Being highly digital-native, this segment is more comfortable using online financial tools and platforms. Their first experience with credit typically comes through small-ticket loans or Buy Now Pay Later (BNPL) products, which are easily accessible, app-based, and tailored to lifestyle-driven spending habits. From Age 47 to 25: A 21-Year Shift Across Generations Consumers born in the 1960s took their first credit product—typically a home loan—at an average age of 47. Those born in the 1990s entered the credit ecosystem as early as 25–28, often through credit cards, personal loans, or consumer durable loans. 1960s-born: First credit product: Home Loan Average age: 47 1970s-born: First credit product: Auto Loan Average age: 39 1980s-born: First credit product: Auto Loan Average age: 31 1990s-born: Entry products were diverse: Credit Cards, Personal Loans, Consumer Durable Loans, Auto Loans Average age: 25–26 Home Loans Are Being Taken Nearly a Decade Earlier 1970s-born: First Home Loan at 41 1980s-born: First Home Loan at 34 1990s-born: First Home Loan at 28 Business Loans Reflect Rising Entrepreneurial Ambition 1970s-born: First Business Loan at 42 1980s-born: First Business Loan at 34 1990s-born: First Business Loan at 27 Gold Loans Still a Safety Net, But Accessed Much Earlier 1960s-born: First Gold Loan at 52 1990s-born: First Gold Loan at 27 Post-2000s Generation: Even Earlier Credit Adoption Begins First credit experience starts at age 22 Common entry products: Small-ticket loans, Buy Now Pay Later (BNPL) schemes Gold loans, meanwhile, continue to serve as a financial safety net across generations, though the age of first usage has steadily dropped—from 52 for 60s-born to 27 for those born in the 90s. Paisabazaar's findings also show that consumers born post-2000 are continuing this trend, with early signs of even earlier credit adoption—often starting around the age of 22, primarily via small-ticket loans and Buy Now Pay Later (BNPL) products.
