Droom Launches Droom Credit – A Facility to get Auto Loan for Used Automobiles
Tanya DubeyApr 13, 2017, 06.19 PM
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As part of the initiative, Droom has on-boarded BFSIs comprising commercial banks,
A proprietary algorithm-based credit risk management engine is used to power this consumer credit marketplace.
How does it work
The platform conducts comprehensive loan assessment through its algorithm which computes multiple raw data points to analyse the creditworthiness of an applicant. This includes leveraging the India Stack i.e. Aadhaar, e-Sign and Digital Locker. The Marketplace also uses, PAN verification, credit score validation, income statement authentication, along with many other variables for objective, unbiased and instant credit evaluation.
The proprietary algorithm comes up with an accurate credit decision within 30 seconds for 95% of the transactions. The decision also includes approximately 5% pre-approved applications that require further lender-side inspection. Thereupon, approved and pre-approved applicants are required to choose a lender with appropriate credit terms which comprise factors such as amount, duration, interest rates, and down payment. The application of the candidate is subsequently forwarded to the selected lender along with the assessment report.
How does it help the lender
Apart from the assessment report, Droom Credit comes equipped with Store Manager, a lender's dashboard, raitngs and reviews, lender/buyer KYC and self-configurable credit risk panel . Store Manager grants higher flexibility and greater command to the lenders over the loan origination process.
It allows lenders to modify profile settings, set credit terms, post document requirements, and set or manage credit risk profiles, along with other vital features. They can also override default algorithmic settings for all categories through the Store Manager. By doings so, lenders can set their own scores and weightages for their desired buckets.
The platform will initially cater to automobile loans including used and new vehicles with a vision of becoming India's most comprehensive, unbiased and independent way of acquiring instant loans.
Droom Credit gives buyers/borrowers the freedom to apply for loan anytime, anywhere using any device. There's the flexibility to apply for a loan 24x7 not just following the traditional hours of 10 - 5. We keep user at the centre of everything, to ensure borrower and lender are equally benefited by this technological revolution.
Lenders will no more have the headache of collecting the hard paper documentation, compiling files and explicitly checking the credit history.