Bank2Grow

A B2B marketplace that makes borrowers and investors meet.

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01

Business Issues

eo mumbai

For the Borrower

  • Getting a loan from the bank requires a lot of processing and documents.
  • It takes a lot of time to process this loan
  • Apart from the banks, there are no verified lenders who can process the loans and offer it at a better interest rate
  • In both cases, the user has to validate the lender, has to send in the documents, get the documents verified, wait till the loan is processed, and perform the other tasks related to getting a loan
  • As a salaried person, this to and fro can be quite time consuming for the borrower
eo mumbai

For the lender

  • Instead of investing in mutual funds or other investment arenas, certain lenders would like to invest by offering loans. There is no such proper system in place for the lenders
  • Verifying the borrower is completely on the lender, which means there are high chances of default in such cases
  • There is no process in place that will account for both the borrowers and the lenders and make sure everything is documented
eo mumbai

Other issues

  • There is no uniformity in the interest rates as they are charged by the lender
  • Everything is recorded manually, which means you will need to refer to the papers if you want to check the interest that has been received and the money yet to be received
  • Report generation and viewing is completely manual, which means coming up with a sum total requires a lot of effort and is tedious.There is no process in place that will account for both the borrowers and the lenders and make sure everything is documented

02

The Solution

We offered a solution that will help the lenders and the borrowers meet at a designated place online, and find their match.

How it works?

The borrowers will need to register to the application. They will need to fill out the form, entering their loan requirement details, the total EMI they can pay as well as the other requisite details. Once registered, these details will be listed on the marketplace

The investors will need to register too. The registered investors can see the borrowers listed

The borrowers receive a Bank2Grow grade, based on a backend algorithm combined with the CIBIL score. This grade allows the system to rate them, i.e. give them a credit score

Based on the credit score, and other details, the investors can decide which borrower they would like to help

Once this match is made, the amount is approved, which again is processed from the backend

There is another feature known as the top-up loan, where the borrower can top-up their existing money. 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.

In this marketplace the investors can see other investors and the investments they have made. For instance, an investor has lent money to a borrower but, wants his investment back. They can list it on this investor’s only marketplace. The other investors can bid for the investment made, and become the lender for the borrower.

The system will verify all the documents, and process the transfer of the investment

All the investments are directly managed by the system

There is a dashboard that allows the investors and the borrowers to keep an eye on the EMI schedule, the amount they have lent or borrowed and other details they want to have at a glance

There is a payment module that manages the transactions and payments between the investors as well as between the investor and the borrower.

Apart from this, we also offered an investor’s only solution.

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