Loan Origination System

With the integration of different APIs, customer onboarding is done seamlessly without any manual intervention and a paperless process. Our configurable rule engine will help you define your underwriting parameters from different sources like KYC, Bank Statements, Credit Bureau and Alternate data and make your decision process quicker. With this automated solution, you will be able to auto-approve and disburse the loans (Unsecured loans) within 10 minutes.

Cloudbankin has been integrated with popular credit bureaus for getting credit reports. Data submission is downloaded easily from the application and submitted to respective bureaus. For further information, contact us at salesteam@habile.in

The stages in the process of loan origination are Data Collection - With information about the borrower obtained from various sources, the lender will concentrate on key parameters such as credit history, cash inflow, collateral, and character. Minimum Risk Assessment Criteria - borrowers are evaluated on various factors such as age, income, pincode, etc., to keep loan default percentage to zero. KYC, where borrowers' documents like Proof of Address (POA) and Proof of Identity (POI) are collected and analysed. Credit Bureau Check - to establish borrowers' credit scores on factors like credit repayment history, credit utilisation history, current loan portfolio, credit line tenure, credit inquiries made thus far, and so on. Loan Underwriting - borrowers’ creditworthiness is assessed in risk percentage for loan approval on credit score, debt, income, and collateral value. Video KYC, where borrowers’ identities are ensured on conditions mandated like geotagging, borrowers only in the specified location, only trained loan officers to execute the process, liveliness check, image to be captured to validate against the borrowers’ documents, and so on. Loan Negotiation, where the final terms of the loan are determined between lenders and borrowers. E-Mandate - allowing lenders to collect repayments from borrowers automatically in a series of steps. Loan Contract - which is drafted with terms and conditions and signed. The document includes basic information about lenders and borrowers, loan specifics, method and time frame of repayment, acceptable payment methods, interest rate, etc. Disbursement of Loan - loans are disbursed by lenders to borrowers.

Yes, Cloudbankin is a digital loan origination system. It provides lenders with an easy-to-use, secure, and scalable platform for digitally onboarding borrowers and providing them with a seamless user experience.

Yes, Cloudbankin supports online payments. We have payment gateways integrated for automated disbursal of loans and direct debit (E-mandate) from the customer's bank account for collection.

Origination in finance, specifically loan origination, in simple terms, is a process where borrowers apply for loans, and lenders lend them after a series of steps. It includes data collection, verification, underwriting, negotiation, contract & signature and loan disbursement.

A loan origination software is where financial institutions are able to automate and manage the loan life cycle from application to disbursement. Whereas a loan management system starts right after disbursement till the closure of the loan.

Automation is used to streamline the loan origination process, increase loan officers' productivity and give your borrowers a better user experience. Automation plays a role in the following features of Cloudbankin: 1. Customer Management - Manual collection of borrower data (POI, POA and other documents) becomes cumbersome, and the possibility of incorrect data entry is high. Automation mitigates the inaccuracy, inconsistency and delays in data collection by facilitating web portals and various APIs to onboard borrowers easily. 2. Credit Analysis - Allowing automation in assessing borrowers' creditworthiness (underwriting) and screening them using data from KYC credit bureau reports, bank statement analysis, alternate data (SMS and more) etc., reduces errors unlike manual processes and saves a tremendous amount of time. 3. Credit Decisioning - With our automated rule engine, you can verify client information, accelerate your decision-making process and quick loan approval for your borrower in 2 minutes. How does automation enhance and benefits the loan origination process? Ensure uniformity in the overall loan origination process Reduce errors Lower risks Boost the loan approval of applications Online data collection Reduce paperwork Streamline borrowers experience Other benefits of automation are reducing human intervention, cost-effectiveness, and many more.

Yes, our LOS is configurable. For instance, 1. We have integrated the credit bureau (Equifax) into our platform, so all you need to fetch your borrowers' credit reports is your licence key. 2. To configure "n" number of parameters in the rule engine, it is easily integrated to add or modify parameters (conditions) that aid in making credit decisions when evaluating your borrowers. 3. Configure product master - simply by adding new parameters in data fields for interest rates, principles, repayments, loan terms, repayment strategies, moratoriums, etc., you can create a new product. The aforementioned examples demonstrate that no human assistance (from developers) is needed for them. To that extent, Cloudbankin is configurable.

Yes, our LOS(Loan origination system) is completely safe and secure. Every data is often stored in a completely encrypted and centralised dedicated tenant-based system with firewall in our cloud-based loan origination system. To guarantee that systems and data are secure at all times, our team combines battle-tested technologies, open-source strategies (like OWASP), strong cloud infrastructure (like AWS), Monitoring System (Prometheus, Graphana), Penetration testing (VAPT), Audit Logs, Application Level User Access Control and risk/security processes & policies. Lenders don’t have to depend on the legacy system’s hardware and the chance of them getting hacked. This makes sharing and updating data with only authorized and trustworthy people within the business a safe and quick manner. Accessing the LOS becomes much easier from any browser, thereby increasing the simplicity and time management efficiency for lenders and their borrowers. This also provides a high level of transparency and access control from any location, device and time.

Yes, our loan origination software is modern and user-friendly. With our rule engine, we have automated quick credit decision-making by integrating different APIs to pull large amounts of data from different sources like CKYC Credit Bureau, Bank Statement Analyser, and alternate data. By harnessing the capabilities of integrating modern web technology (React, Angular, Capacitor), we are able to lower customer acquisition costs, increase customer value proposition, maintain transparency, and many more features. We also support personalized SMS/email notifications and alerts for a superior customer experience. These are just a few examples of how we provide a user-friendly and modern experience with our LOS.

Yes, Cloudbankin is a Saas-based loan origination software. The benefits of using our cloud-based LOS are: 1. Access the software whenever, wherever you want, using any device. 2. Everything is over the cloud. There is no need for in-house infrastructure. 3. Our software is integrated with different APIs to harness borrowers’ data from different sources. You have quicker time-to-market.

Yes, our loan origination system supports point-of-sale lending, for example, BNPL. You can easily enhance your business using our Buy-Now-Pay-Later software. Check out our BNPL page for more details.

Yes, our loan origination software supports advanced process improvements. How? 1. Cloud-Based - Makes it simple to set up, customise, and update continuously to make functional improvements. 2. Data Integration - Enables quick access to borrower data, including identity, income, employment, credit, etc. Thanks to this, lenders can make decisions based on a more thorough picture of the borrower. 3. Automation - Banks and NBFCs lessen the need for manual processes by implementing and modifying data decision-driven rules as necessary. This gives them the ability to review loan applications more effectively and consistently. 4. Analytics - The use of data analysis methods and algorithms makes it easier to spot inefficient lending procedures, thus giving lenders room for more improvement. 5. Workflow Management System - Having a workflow management system helps make the loan origination process more efficient. For example, there is a high chance of a document going missing in traditional lending as a loan application moves from table to table. To replace it, the process has to be started again. But a LOS maps a list of documents needed for a loan for approval. If a document goes missing, it triggers a message to the borrower without any delay. It ensures no time is lost in tracking and in follow-up.