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LenDenClub Launches Automated P2P Lending Platform Adhering to Proposed RBI Guidelines
MUMBAI, July 20, 2016 /PRNewswire/ --
LenDenClub [http://www.lendenclub.com ] has launched its new version of P2P lending
platform with features such as end-to-end automation of lender-borrower transaction cycle
right from registration, document verification, credit analysis, transaction matching to
report generation. An algorithmic-based program, built based on artificial intelligence,
will be used for reviewing borrower's creditworthiness. For the company, the upgradation
of P2P platform will accomplish a major milestone and prepare them for payment and digital
signature automation to bring 100% automation in lending process through right technology
for borrower identification, data collection, digital signature usage, payment automation,
etc.
With this, the company has initiated the first leg of its long-term goal in creating a
platform that can assess last mile borrowers, a feature that is currently unavailable even
in the majority banks and NBFCs. The highlight of the program is an algorithmic model
which is coded to identify borrower's financial trend and allocate credit score based on
the trend. The rating will automate allocating interest cost vis-Ã -vis risk factor.
Commenting on the development, Mr. Bhavin Patel, CEO of LenDenClub said, "With this
new platform, we have fulfilled key regulatory requirement set by RBI in its Peer to Peer
Lending consultation paper. In addition, zero manual intervention shall not only expedite
entire process, but shall also facilitate in mitigating defaults through unbiased and
accurate credit risk analysis. This will help us in addressing the biggest problem of
Indian personal loan borrowers, which is speed of loan processing."
On the technological aspect, Mr. Dipesh Karki, CTO of LenDenClub, elaborated, "The new
automated features shall curtail entire lender-borrower transaction cycle from 1 to 2 days
to 12 hours, making the process complete on the same day of the application submission. In
addition, the platform shall guarantee confidentiality of customer data, which will be
easier to maintain report submission process on financial positions of each members, loan
arrangement each quarter and complains redressal mechanism. We do have plans to use
technology like block chain in our transactions. This platform is made by keeping such
future aspects in mind."
The company had successfully raised seed funding recently, a part of which was used to
develop more efficient and robust P2P lending platform in India
[http://www.thestartupjournal.com/tag/peer-to-peer-lending ]. The company expects
registration traffic to grow in the near term as an immediate outcome of automation
cumulating into revenue conversion due to faster deal closure.
About LenDenClub:
LenDenClub is a peer to peer lending platform, founded in 2014 by Bhavin Patel and
Dipesh Karki, to help salaried individuals to get fast personal loans. The platform
connects borrowers to individual lenders which uses a combination of traditional and
non-traditional data points to validate credit-worthiness of borrowers. The company has an
average borrowing average of Rs.85,000 and charges 1-3% commission by to arrange these
loans.
Â
Media Contact:Â
Bhavin PatelÂ
CEO, LenDenClubÂ
bhavin@lendenclub.comÂ
+91-7045850594
Â
Â
LenDenClub
LenDenClub Launches Automated P2P Lending Platform Adhering to Proposed RBI Guidelines
MUMBAI, July 20, 2016 /PRNewswire/ --
LenDenClub [http://www.lendenclub.com ] has launched its new version of P2P lending
platform with features such as end-to-end automation of lender-borrower transaction cycle
right from registration, document verification, credit analysis, transaction matching to
report generation. An algorithmic-based program, built based on artificial intelligence,
will be used for reviewing borrower's creditworthiness. For the company, the upgradation
of P2P platform will accomplish a major milestone and prepare them for payment and digital
signature automation to bring 100% automation in lending process through right technology
for borrower identification, data collection, digital signature usage, payment automation,
etc.
With this, the company has initiated the first leg of its long-term goal in creating a
platform that can assess last mile borrowers, a feature that is currently unavailable even
in the majority banks and NBFCs. The highlight of the program is an algorithmic model
which is coded to identify borrower's financial trend and allocate credit score based on
the trend. The rating will automate allocating interest cost vis-Ã -vis risk factor.
Commenting on the development, Mr. Bhavin Patel, CEO of LenDenClub said, "With this
new platform, we have fulfilled key regulatory requirement set by RBI in its Peer to Peer
Lending consultation paper. In addition, zero manual intervention shall not only expedite
entire process, but shall also facilitate in mitigating defaults through unbiased and
accurate credit risk analysis. This will help us in addressing the biggest problem of
Indian personal loan borrowers, which is speed of loan processing."
On the technological aspect, Mr. Dipesh Karki, CTO of LenDenClub, elaborated, "The new
automated features shall curtail entire lender-borrower transaction cycle from 1 to 2 days
to 12 hours, making the process complete on the same day of the application submission. In
addition, the platform shall guarantee confidentiality of customer data, which will be
easier to maintain report submission process on financial positions of each members, loan
arrangement each quarter and complains redressal mechanism. We do have plans to use
technology like block chain in our transactions. This platform is made by keeping such
future aspects in mind."
The company had successfully raised seed funding recently, a part of which was used to
develop more efficient and robust P2P lending platform in India
[http://www.thestartupjournal.com/tag/peer-to-peer-lending ]. The company expects
registration traffic to grow in the near term as an immediate outcome of automation
cumulating into revenue conversion due to faster deal closure.
About LenDenClub:
LenDenClub is a peer to peer lending platform, founded in 2014 by Bhavin Patel and
Dipesh Karki, to help salaried individuals to get fast personal loans. The platform
connects borrowers to individual lenders which uses a combination of traditional and
non-traditional data points to validate credit-worthiness of borrowers. The company has an
average borrowing average of Rs.85,000 and charges 1-3% commission by to arrange these
loans.
Â
Media Contact:Â
Bhavin PatelÂ
CEO, LenDenClubÂ
bhavin@lendenclub.comÂ
+91-7045850594
Â
Â
LenDenClub