Obtaining a loan can be a long ordeal, with time-consuming processes like KYC verification, regulatory compliance, documentation, and credit history assessment. This poses a challenge for fintech companies to offer quick and seamless financial solutions to their customers.
Chennai-based software firm Cloudbankinbelieves it can address this challenge through its lending software that facilitates unsecured loan approvals in less than ten minutes.
“Through integrated APIs, the entire process is automated using credit bureaus and financial analysis, enabling an easier onboarding experience. Loans with a limit of less than Rs 2 lakh can be disbursed within 10 minutes,” says Mani Parthasarathy, Co-founder and CEO of Cloudbankin, whose name is a play on ‘bank in the cloud system’.
Integrated APIs (application programming interface) are tools that enable efficient communication between systems.
The startup does not directly provide loans. Instead, it provides technology solutions that support lenders, housing finance institutes, and non-banking financial companies (NBFCs) by streamlining the decision-making process while granting loans. It offers a customer credit decisioning engine, which allows financial institutions to configure their underwriting parameters and make quicker decisions.
Launched in 2017 as Habile Technologies, the company was established by five alumni from Madras Institute of Technology—Mani, Maieenah Rajah, Alex Anto Navis, Hariharan Govindaraju, and Palanisami Muthusamy.
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