A P2P lending company Bank2Grow helps borrowers meet validated investors to makeloans accessible and convenient. They wanted Coruscate to help them build a tech-basedsolution that could make the whole process user-friendly, automated and easy for both partiesto access and complete.
Coruscate developed a simple marketplace solution that increased convenience.
We proposed a P2P marketplace for Bank2Grow where the lenders and the borrowers can meet, communicate and finalize the transaction. This marketplace would validate the lenders and the borrowers, define checklists for documentation, and ease out the work for both parties. The entire responsibility will lie with the application.
The borrower can list out their loans, and the lender will know the different types of loans that people are looking out for. Based on the amount they are ready to lend, and the grade that has been given to the borrower, the lender can decide who they want to invest in. Investors can invest in loans using an auto-invest feature. Investors can save their preferred criteria of Borrowers, select the ticket size they wish to invest and submit their auto-invest request. Based on the preference criteria, the system invests in such loans on behalf of the investor directly.
The borrowers need to register and fill out a form stating their loan requirements and the EMI payable. The Bank2Grow will validate the borrowers based on their CIBIL score combined with a pre-defined algorithm defined by the company. The borrowers are assigned a grade, which validates them for the lender. The system runs algorithms, which takes huge amount of data as parameters, assess the data and proposes a final loan offer to the borrower.
The system checks for prepayment, and allows it for certain borrowers who qualify based on the pre-defined criteria
The system will define the amount that can be availed by the borrower. In case, the borrower wants to borrow only half of the allowed amount, they can top it up later through the system. For instance, if the borrower has received an approval for 3Lakhs, and they have borrowed only 1 lakh, they can receive up to 2 lakhs as top-up. Extensive data and document management is handled by the system. The process of using Excel is substituted through the system.
This is the place within the system where investors can meet other investments and transfer the loans. Suppose, an investor does not want to continue with the loan they have offered, they will need to meet a validated lender in the secondary marketplace and transfer their loans
The client’s backend has a team that verifies the documents manually and updates the system with the final outcome. In case some documents remain unverified, the system will notify the borrowers.
There is a payment module that manages the transactions and payments between the investors as well as between the investor and the borrower.