Intelligrow loader image
Why Loan Management System is the core technology for NBFCs?

While the economy does not look to secure and steady anytime soon, so does the unpredictability of the NBFC sector in India.

In an attempt to improve the NBFC sector, Union Budget 2020 covers the way for it to become a part of the TReDS, an electronic platform to finance/discount trade receivables of MSMEs through multiple financiers.

Even though a new approach of business is being developed for the NBFC sector in an experiment to bring comfort, the grounds look shaky until everything becomes an everyday practice.

Adjusting to the new market, having dynamic operations for deeper penetration, following with government regulations, without obstructing the core business of lending can overwhelm any NBFC.

As strong as the competition already is in this sector, all the companies that satisfy the capability standards are going to jump at first go to make the most of the new opportunities. What we are questioning is the balance. The balance between enlarging to newer markets, and holding firmly onto the existing one.

  • A successful enhancement not just to TReDS, but to any new market completely depends on how powerful the loan management system, the core business of NBFC is. By strength, we mean how self-determining and effectively can the lending business operate with minimal human involvement if your focus navigates towards new chances.

  • If your business runs exceptional, in fact, develop when you get your hands off its micro-management, that’s the sign of a healthy business.

If not, here is the basic checklist to check how competent your core is-

  • Instant pre-approval & application processing:
  • With a digital loan origination system, one can immediately pre-approve the applicants and limit the credit to digitally process the applications in seconds, thus reducing the processing time from weeks to minutes.

  • Paperless documentation:
  • Can do paperless documentation, with your document management system go paperless completely. Upload, store, and access all the required documents on the cloud from any time, anywhere.

  • Seamless workflow engine:
  • The system should have the authoritative capacity to assign the roles and responsibilities at all levels to make sure a logical, consistent and smooth workflow that is lacking confusion, responsibility, and scope of mistakes/frauds.

  • Ability to diversify on the go:
  • A good loan management system must serve the requirements based on the consumer demands, and developing the new markets within the lending industry without the agreement/arrangement in your present rate of growth, and operational efficiency.

  • Monitor operations without micromanagement:
  • The system restores many of the manual processes with agile digital operations, thus increasing transparency in business. Hence, one can know the information about the complete state of any project or application in a few minutes without actually actively working upon it.

    The core of any business must be required to be powerful for it to diversify and inspect new approaches.

    It does not just improve the effectiveness, capability, and productivity of your business, but also makes it immune to maximum mistakes by humans and frauds. No needs to mention the accuracy, speed, and transparency it brings. If we were, to sum up, all we need to say is a good loan management software is the key to a healthy and growing core of any NBFC business.

    If you’re interested, do check out All intelligrow Loan Management Softwares, designed to automate the whole loan operations of your business.

Lending Software | Loan Managment Software | Microfinance Software in India | NBFC Software | Cooperative Society Software In India | Mifos X Installation | Pigmy Collection Software | Loan Origination Software For Agriculture Loans |API Solution | Loan Servicing Software | Contact Us For Lending Software

Intelligrow Logo Image