Loan Studio

Loan studio offers one-stop financial solutions and is based in Surat. They make loan processing easy and fast with their custom and pre-defined solutions.

01

Business Problems

There are total 7 loan products including home loans, car loans, and machinery loans.

  • These individual loans require a different set of documents and follow different processes to get approval.
  • These individual loans require a different set of documents and follow different processes to get approval.
  • The to and fro involved in processing a loan is high
  • When your loan repayment period is over, you need to get NOC from the bank to mark the loan closure.
  • You are seldom aware of the loan interest rates, the new laws and etc. pertaining to the loans
  • The users are not very pro about the banks that make loans easy
  • The client wanted a system that could handle end-to-end loan processing.

02

The Solution

We offered an application based on Node.js that would help loan processing easy.

There is a pre-defined checklist uploaded on the application for the individual loans.

The user can upload the documents asked for in the checklist. The checklist will also give the time-period for the documents. Say there is a bank statement that is needed for the past six months, this will be mentioned in the checklist.

Once the documents are uploaded, the client can validate and process the documents for the bank loans.

The application will also provide the banks that are best for you based on the loan type, your CIBIL score and other parameters pre-defined. So, you will know where to apply for your loan.

The user can track the loan process, and know when they will get the loan disbursed

03

Challenges faced

  • Initially, a static application was created for the loan studio. It was only later that they asked for a dynamic website. This meant changes during the development phase. So, the entire plan and the development process had to be changed accordingly
  • Admin permission for the different loan products as well as the checklist was different. These needed to be mentioned during the development phase itself. There was no product available for reference in this case, which made the whole design and development slightly challenging

04

Technologies Used

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