CHALLENGES

There are several challenges in the tradition lending System which can be solved using digitalized and automated System built on blockchain. The challenges faced by parties include:

• Back and forth with the borrower for required financial documents.
• Unbalanced credit analyst work load.
• Unresponsive third parties.
• Unclear Loan-Decisioning rules.
• Delay as the credit file is passed between parties.
• Tracking of the credit file when the bank has to report to the borrower on progress.

These are some challenges which lead to bottlenecks in the process.

SOLUTION

The Solution is divided into 2 modules:

1. Eligibility Score Calculator.

Sprytech LMS provides a blockchain based online tool which calculates the Eligibility Score and returns the Loan Value which you can get depending on the Score. This is calculated based on few details given by the user. To maintain EMIs better, it is recommended that you take a loan of only up to 50% of your approved line of credit. Once you get your eligibility, you can choose the loan amount.

2. Application for the Loan.

To get your loan approval, you must upload a few documents to complete your KYC. You are also required to sign the loan agreement and a direct debit form to enable auto-deduction of your EMIs.

Once your loan is approved and the application procedure is complete, your money will be directly transferred to your account quickly.