The News Scroll 15 December 2017  Last Updated at 6:43 pm | Source: ANI

Sort your loan application issues with these fintech apps

Sort your loan application issues with these fintech apps

New Delhi [India], Dec 16 (ANI): A lot of loan application used to get rejected both in consumer loans as well as business loans.

Major reason being no credit history, bad credit history and lack of documentation.

In this scenario, fintech stepped in with new methods to analyze risk in the cases. Alternative information played magic wand for potential borrowers.

By filling in details of financial lifestyle of a person and processing it through precise algorithms helped assess creditworthiness in a finer way. Better technology application helped to push the cases from red area to green.

Thus, fintech are playing extended arms to banks and financial institutions helping them with cases that qualify for a better borrower:


Every borrower registered on Faircent is identity-checked, credit-checked and risk-assessed by our system as well as an experienced team. Its tech-enabled credit evaluation algorithms reject over 90 percent of the borrowers who apply for loans. Each borrower that registers with Faircent is evaluated based on his ability, stability and intention to repay across more than 120 parameters processed through access to more than 400 data points.


OHMY Technologies Private Limited is the owner and operator of OMLP2P, an online Peer-to-Peer (P2P) lending platform. This peer-to-peer marketplace for individuals and businesses (MSME segment) facilitates loans online from Lenders (investors) in a transparent, convenient, and effective manner. The platform assesses creditworthiness of a prospective borrower using its proprietary algorithm developed in consultation with CRIF HighMark, one of the leading Credit Bureau. The Platform monitors a loan till it's fully repaid and does appropriate follow ups with borrower for timely repayment, making it easier for lenders to lend on the platform.


CoinTribe is a leading online loan disbursement platform that provides quick and easy collateral-free loans to small businesses and individuals. It is the only online lending platform which has back-tested its credit model with large banks. The marketplace model facilitates loan origination and credit assessment through CoinTribe before it is shared with the banks. PaaS enables banks and NBFCs to utilize CoinTribe's platform for effective risk analysis and recommendations to digitally underwrite their own consumers. CoinTribe's PaaS is equipping lenders across the country to become digital ready and enhance efficiency of their lending process.

Aye Finance

Aye Finance is one such commercial institution built around the mission to solve these challenges of funding MSMEs and enabling their inclusion into the mainstream of the economy. Aye Finance differentiates itself by creating a technically enabled process that builds credit insights through a variety of available business and behavioral data. This effective credit appraisal coupled with the use of modern workflow automation, and a small but engaged workforce is helping bridge the gap between the MSMEs and organized lending.


CreditMantri is a multi-services platform that helps borrowers secure loans from its partner financers. It was founded in the year 2012 by a team of 3 ex-bankers with the intent to change the way credit is delivered in India by leveraging the power of technology and the digital medium. The company aims to empower consumers to know their Credit potential and benefit from this knowledge. Fine algorithms and data points have helped Creditmantri find right lender for the borrower. (ANI)

Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: ANI
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