Deals of Loan, a leading FinTech platform in India, connects customers with loans and credit card options through a robust network of over 30,000 Direct Selling Agents (DSAs). Partnered with more than 40 banks and NBFCs, the platform simplifies access to financial products across the country. By adopting Celestiq Loan Origination System (LOS), Deals of Loan has achieved remarkable efficiency in processing over Rs. 4000 crore worth of loans, ensuring seamless workflows for DSAs, lenders, and customers alike.
Challenges Before Implementing Celestiq LOS:
- Manual Data Handling:
- Processing loan applications involved time-intensive manual tasks, including ID verification, credit checks, and bank statement analysis, which slowed down approvals.
- Complex Loan Partner Matching:
- Assigning loan applications to the right lending partners was challenging due to varying eligibility criteria among banks and NBFCs.
- Commission Calculation Inefficiencies:
- Calculating DSA commission payouts manually was prone to errors and consumed significant time and resources.
- Lack of Seamless Integration:
- Sharing loan application data with lending partners required repetitive, manual interventions, leading to inefficiencies and data inconsistencies.
Solution: To address these challenges, Deals of Loan adopted Celestiq LOS, a comprehensive platform designed to automate and streamline loan origination processes. The system’s advanced features empowered Deals of Loan to manage high volumes of applications efficiently while maintaining accuracy and transparency.
Key Features of Celestiq LOS:
- Automated ID Verification and Credit Checks:
- Integration with national ID databases and credit bureaus enables instant and accurate identity verification and creditworthiness assessment.
- Automating these processes has reduced manual intervention and accelerated loan processing times.
- Bank Statement Analysis:
- Celestiq LOS analyzes uploaded bank statements to extract financial patterns and validate income details, ensuring accurate eligibility assessments.
- Customizable Rule Engine:
- The platform’s rule engine matches loan applications with the most suitable lending partners by evaluating specific eligibility parameters.
- This feature has significantly improved the success rate of loan approvals and optimized lender matching.
- Commission Automation:
- Celestiq LOS calculates DSA commissions automatically based on the type and amount of disbursed loans, ensuring transparency and accuracy.
- The platform generates detailed payout reports, simplifying financial reconciliations for DSAs.
- API Integration with Banks and NBFCs:
- Secure API integrations enable seamless sharing of loan application data between Deals of Loan and its lending partners.
- Real-time data synchronization minimizes errors and ensures faster loan disbursement.
- Mobile App Support for DSAs:
- DSAs can submit loan applications directly via the mobile app, ensuring ease of access and real-time updates.
- The app’s intuitive interface allows DSAs to track application status and commission payouts effortlessly.
Results Achieved:
- High Loan Volumes Processed:
- Deals of Loan has processed loans worth over Rs. 4000 crore using Celestiq LOS, highlighting its scalability and reliability.
- Faster Loan Approvals:
- Automation of ID verification, credit checks, and bank statement analysis has reduced loan processing times by over 60%.
- Optimized Loan Partner Matching:
- The customizable rule engine ensures higher approval rates by accurately matching applications with appropriate lenders.
- Efficient Commission Management:
- Automated commission calculations have eliminated errors, saving time for both DSAs and platform administrators.
- Seamless Integration:
- API-based integrations with lending partners ensure real-time data synchronization, enhancing operational efficiency and trust.
Conclusion: Celestiq LOS has revolutionized Deals of Loan’s operations, enabling them to handle high volumes of loan applications with precision and speed. By automating critical processes, optimizing loan partner matching, and simplifying commission management, Celestiq LOS has positioned Deals of Loan as a trusted and efficient FinTech platform in India.
