Text by Samrat Amatya
“Loan” is a difficult topic in Nepal. People see it as a herculean task to take a loan let alone pay it back. This, however, is somewhat true and somewhat of a misconception. Majorly due to lack of information! People often don’t get a clear picture about or the options available to them before taking a loan. This makes the process of applying for a loan very tedious. Enter KarjaBazaar, a service that helps you get a loan with the right information from a pool of options.
KarjaBazaar is a digital platform where users can view different retail loans available from licensed financial institutions. They provide services like Home Loan, Auto Loan, Education Loan, Refinance Loan, and Credit Card services. KarjaBazaar also helps users compare various features like interest rate, terms, etc. Users can also check their eligibility according to the banks’ criteria and even begin processing their personal loan or credit card application straight from their website.
KarjaBazaar currently has four partner banks. Users can get a loan from either Standard Charter Bank, NMB Bank, Laxmi Bank, or Sindhu Bikas Bank. This might seem a bit limited but more banks and financial institutions are expected to join KarjaBazaar in the near future.
So how do you apply for a loan on KarjaBazaar? Well, it is really simple! All you have to do is head over to their website and pick the type of loan you want. After you have done that, you will need to put in your email address and phone number. This then takes you through the application process. In it, you have to enter all your details like the amount of loan, repayment term, monthly income, and credit history among other things. Once you have entered this information, KarjaBazaar picks out the best bank options for your loan. The options depend on the information you have entered and the individual bank policies. You then will need to carefully consider your options and choose the best bank for you and apply for the loan from the website itself.
After you have applied, you will then need to go through a screening process. You will also need to meet the officials and provide them with additional information. They then will verify the facts and check your creditworthiness. Once everything checks out, the loan will be submitted for approval. To fill the information gap in the retail lending space, KarjaBazaar also has its own proprietary credit scoring algorithm for individual borrowers to help lenders assess the creditworthiness of the borrower.
Phoenix Capital Private Limited (PCPL), the genius behind KarjaBazaar has quite a history in the finance sector. They also run ebeema an online insurance platform with over 8000+ consumers. With 19 company tie-ups and 600+ claims, they have redefined the Nepali insurance market. And now with KarjaBazaar, they are looking to give “Taking A Loan” a whole new meaning. In only a year, since their commencement, they have successfully generated 5000 leads and initiated 1000 applications.
KarjaBazaar is set to redefine the way we take loans. It couldn’t get any easier than this! You can exploit the various options and compare them side by side. It not only helps you choose the best financial institute for your loan but also makes the process convenient. So, next time you are in the market for a loan, do give KarjaBazaar a thought. Your dream house or your new business might be just a few fingertips away.
KarjaBazaar is a digital platform where users can view different retail loans available from licensed financial institutions. They provide services like Home Loan, Auto Loan, Education Loan, Refinance Loan, and Credit Card services.