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is a mobile based loan application. It is linked to Aadhar card for quick verification of identity and address. Other personal and income details are obtained for loan decision. 79% of loans are approved for individuals with a CIBIL score greater than 750. But only 2 percent of Indians have credit card and credit history is a major factor of credit score. Yet among the other 98% who do not have credit card, there are credit worthy people. An analytic model is built behind Snap loan that can help short list applications which are potentially credit worthy. These filtered applicants feed into the loan tab application for loan officer review.
What Is Snap Loan?
What if there was an easier way to quickly to process the loan application of a customer? Instead of spanning across days, what if the process could be completed in a few hours?
Snap is a tablet based loan origination system specifically design for indian banks.
It comes preconfigured with various loan application mobile templates for various loan products like Personal loan, Gold loan, etc.
These standard templates can be used as delivered or customized to match your bank loan policies.
It also comes with certain pre-processing templates before loan can be disbursed like opening a bank account.
It also has an analytic model behind it that helps filter applications with a customs core. You can either use the in-built model or have a custom model developed based on your bank historical data.
We can tailor delivered print application reports or simply have customer e-sign to complete loan application process.
It is a end-to-end mobile loan origination system with integrated analytical model and e-kyc that can be used delivered or tailor-made for your bank loan portfolio.
How does it work?
Snap loaan is available on the Samung Iris tablet to get KYC information from the iris scan of the applicant.
The KYC information available in the Aadhar database is auto filled into the application. Other borrower information can be obtained on the tablet, get fast aapproval and the application can be printed and signed or e-signed with e-mudhra service. The loan information can be then fed to the bank's CBS for loan disbursal and management. Thus saving a lot of time and cost.
Here is a detailed look at how snap loan works during each stage of loan management compared to typical current process.
Why use Snap Loan?
Prevents forgery of documents and brings the customer on board quicker
There is a model behind the app that gives loan recommendations to accept or reject and that over a period of time can be refined to reduce delinquent loans. So for a bank that has annual loan portfolio of 50 crores and a reduction of even 1% can save a bank about 50 lakhs per annum.
The application can be processed even where the bank may not have branch. It can process applicants without CIBIL score by using custom score from our internal model. Thus more loan application can be processed for increased revenue.
More revenue, less cost and lower loss translates into more profit. And that is on a recurring basis, month after month and year after year.
Tremendous cost reduction compared to a manual process. Upto 80% cost savings can be realised. So for a bank that processes 2000 loan applications, that can be upto 4 lakhs/month of cost savings.
Loan tab is a tablet based app that gets filtered loan applications from Snap loan app or other in house or third party loan origination system. The loan officer can quickly see the CIBIL score, snap loan recommendation or other data captured to take a decision whether to give a loan or not. Since this is a mobile application, field sales agents can see in real time what applications are approved on the go and finish the formalities for loan disbursals at client site, even if you did not have branch near client site.
is a mobile based dashboard to show how the loans are performing to take any corrective actions needed. If any delinquent loans, they can be transferred to collection agents. Since this is a mobile application, collection agents can access the loan information on the go. Loan performance data can be fed back into custom model on a periodic basis to improve the health of your loan portfolio.