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Ahmedabad-based CapitaWorld has rolled out a ‘Smart Loan–Disintermediation Ecosystem’, whereby micro, small and medium enterprises (MSMEs) can upload their loan requirement details on its digital platform and lenders can take a call on such loans.
Jinand Shah, Founder & Promoter of the Company, which automates the entire loan value chain, said that with the new product, MSMEs will be saved the trouble of visiting bank branches with their loan proposals. In fact, MSME promoters can make their own loan proposals without having to engage the services of accountants preparing them.
CapitaWorld has designed its loan proposal format in such a way that loan requirement details uploaded by prospective MSME customers will automatically get converted to an individual bank’s loan format. Shah said six lenders, including ICICI Bank, Axis Bank, IDBI Bank and Tata Capital, have been using the digital platform to source MSME loans.
Due diligence of loans and credit rating has been automated with the help of NHBS, a business consulting firm, and IRR, a 100 per cent subsidiary of Fitch Solutions.
The “Smart Loan–Disintermediation Ecosystem”, according to Shah, will will help people raise funds ranging from ₹50,000 to ₹50 crore from banks and NBFCs.
They have to fill the ‘One Form’, which the system maps and matches with fund providers using proprietary processes.
The system also carries out validations, authentication and scoring, creating a complete, scalable and robust recommendation system, resulting in savings on branch-level costs and paperwork.
“This system will also use analytics to carry out verification and credit risk scoring and then match the borrower with multiple partner banks and NBFCs whose credit risk appetite match the borrower’s profile,” he said.
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