Credorbit's Digital Lending Marketplace
Lending. Digitise. Automate Marketplace for Digital Lending Enablers
Created on 2nd November 2024
•
Credorbit's Digital Lending Marketplace
Lending. Digitise. Automate Marketplace for Digital Lending Enablers
The problem Credorbit's Digital Lending Marketplace solves
Credorbit’s digital lending platform streamlines loan processing with a self-service portal, offering paperless applications, real-time eligibility checks, and automated document management. This allows for fast credit assessment (CAM), enabling lenders to complete underwriting in as little as 10 minutes to 2 days. The platform enhances efficiency for DSAs, banks, and professionals, simplifying processes for all stakeholders.
MSMEs and borrowers can assess loan eligibility without approaching banks or NBFCs, as Credorbit’s business rule engines analyze various product options. It supports both secured and unsecured loans. For secured loans, borrowers or DSAs upload data, which is automatically organized and checked for any issues, significantly reducing manual entry time.
With a five-step process from onboarding to submission, the platform enables quick loan underwriting and approval. Upon login, essential documents such as KYC, bank statements, and GST returns are automatically sent to the bank. If integrated, data goes directly to the credit manager queue; if not, it includes analytics for efficient manual processing.
Credorbit unites the digital lending ecosystem by connecting borrowers, DSAs, payouts, rewards, due diligence, and business analytics. It offers a reliable, all-in-one solution for data management, decision-making, and underwriting, making loan processing faster and more comprehensive.
Challenges I ran into
Inspite of evolved digital lending ecosystem, the existing loan journey required huge involvement of manpower for login of loan file which results in often time-consuming, paper-intensive, and requires multiple manual interventions, which can delay approvals and make the experience cumbersome for both lenders and borrowers. Additionally, many platforms lack user-friendly options for real-time tracking, eligibility checks, and quick approvals, creating inefficiencies and reducing accessibility.
Many Borrower / MSME are faces tremendous challenges while login their loan cases in the Bank / NBFC. There are so many layers which are involved from Branch manager, DSA / CA / Loan Consultant, Login Person in the bank for manual upload of documents and fetching analytics from third parties and if there is a query then the process continue to get further delay. this delay results in 2-15 day of time lag for login of loan file in bank depending upon their file type and size of loan.
Apart from that there is huge dependancy of the borrower / DSA / CA / Loan Consultant on banks for multiple reports taken from third party and the credit underwriting may go long from 7 days to 30 days depending on the loan file type and size. the borrowers / stakeholders are always in dilema of whether their loan will get sanctioned or not. And if not then they again need to rush after another financial institution for the repitition of the process.
Tracks Applied (2)