Excerpts: Shibul Pavithran
- What is Easiloan in simple terms…?
Easiloan is a digital home loan market, where we have over 15 banks among private, public and HFC offerings that are on the supply side and we have borrowed works across segments like salaried and non-salaried who constitute demand. So, all in all, we have the demand for and the supply of home loans together.
- Since your business is relatively new, how difficult or easy was your entry into the traditional lending market?
We officially started operations from July 2021, but have been operating in stealth mode since April of last year. And since we started our operations we’ve had a very different approach to acquiring clients or loan borrowers through our exclusive developer mandates and through this developer program we’ve been able to bond with developers at an exclusive level, in which we become the one-stop banking solution for these developers. And offer home loan services to all of their clients, in all segments. For developers, we also become a single point of contact, bringing in new banks to approve the project, and thus creating a variety of banks to fund their customers.
- What makes you different from other loan providers in the market, such as banks and other private providers?
Most home loan deals are offered by the banks themselves, and these banks typically operate through their directive programs or through their vendors, commonly referred to as DSAs. And these sellers usually offer their respective proposals, so a particular bank that has been active in finding borrowers usually only offers its own program. Even though some of them have an online portal, most of them still offer most of their services physically. However, when it comes to offering the services on an online platform exclusively, there are few online providers that focus on mortgage lending as a category because it is a process. complex in the lending space. Even these players are primarily focused on lead generation or aggregation. Thus, they generate the lead and pass it to the bank for processing, so the customer is once again stuck in the loop of being personally / physically involved in the multiple verification processes that the bank performs, such as verification. documentation, signature, etc.
When it comes to Easiloan, we are part of the entire customer journey, from start to finish. From the lead discovery stage that comes on our platform to hold the particular lead in hand with wide options via our loan partners. And everything is done digitally; We acquire a client digitally, profile a client through our matchmaking application, then offer all available loan options according to the client profile. So the customer feels empowered to choose after comparing the rate of return on their investment and their requirements, and this is what makes us very different from all the other credit players in the market today. In addition, we perform the credit assessment, we perform a thorough analysis of the documents submitted by the client and issue a pre-sanction letter instantly, and the client can easily download the pre-sanction letter from the website of Easiloan. This makes our process very transparent, gives our clients 100% visibility on their eligibility and allows us to know which bank will be able to grant them the final financing.
- Finding a secured home loan is usually a long process, how quickly can your business help your client get one?
You are right that getting a home loan is a time consuming process because it requires a lot of paperwork, signatures, etc. However, Easiloan has redesigned the home loan processing process:
- We do everything digitally, as clients can apply for a home loan from their comfort space or any other remote location.
- The other thing we focused on was turnaround time. So as soon as we digitally collect documents from our clients, we instantly submit them to the bank, reducing turnaround time.
- How has your journey gone so far?
It was a very interesting trip and a lot of learning along the way. We have achieved great success in a short period of time creating a high demand rate and also being able to integrate almost any retail establishment into banks whether public or private which makes of our services a good experience for our customers. .
We started our journey in Mumbai and achieved good reputation and success, then we expanded our operations to Bangalore and Pune. We have more than 40 developers exclusively in the cities with which we are already linked. And we managed to disperse 600 cases, valued at 300 crore and more in just over 7 months.
- What are your future plans, especially regarding the technology you use and being more accessible to the general public?
The Easiloan app is already issuing a pre-sanction and we are adding a lot of features regarding our credit assessment. Thus, this unified credit scoring engine will be able to issue Easiloan’s real-time sanction letters on the same basis as banks issue the sanction letter. So this is something that we are in the final stages of testing. Then, we developed a partner connection, through which we can register new developers, new brokers, new DSAs or anyone wishing to share leads with us. By doing this we will also be able to start our own referral program and it only takes a minute to register on Easiloan and after registering we can immediately start sharing leads on the Easiloan platform for your clients.
We are adding a lot of other features, so we start to play the role of frontend for banks, where banks can partner with Easiloan, not only to generate leads, but also to do the entire business. credit assessment on the Easiloan app itself. Therefore, we will provide very high productivity in sourcing and closing loans to banks. We are developing several other additional features from the artificial intelligence module, in which it will help us to better understand the niche of the client and even understand the process of assessment by banks, and we will strive to keep improving it. to be able to give 100 percent compliance with the banks’ credit logic as well as the customer’s profile.
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