QuickApply-LMS Products
Quick Apply is blockchain based Loan Management System Application for secure digital lending to the masses. This is an innovation in the finance industry to implement blockchain lending build on the peer-to-peer model of blockchain. This DAPP incorporates traditional lending and creates a secure lending system for the masses along with reducing operational risks and speeding up the loan process.
BACKGROUND
CHALLENGES
SOLUTIONBACKGROUND
The traditional method of lending system lacks in providing transparency of the process to the customer. The system takes months to process any loan application, which increases if there is involvement of any Third-Party Systems. The process requires multiple documentations at various stages and a number of human resources to process and validate it. The system creates difficulty in tracking the outstanding post-closing documents and in collecting financial information for annual reviews. There are often third-party agents working between customer and bank, which leads in lack of trust amongst parties involved and also is not cost effective.
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.
QuickApply-LMS Updates
LMS project update newsletter
A regular newsletter prepared for Pharmachain stakeholders and others interested in cutting edge applications of blockchain
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LMS project update newsletter
A regular newsletter prepared for Pharmachain stakeholders and others interested in cutting edge applications of blockchain
for more information click below link
Read more
LMS project update newsletter
A regular newsletter prepared for Pharmachain stakeholders and others interested in cutting edge applications of blockchain
for more information click below link
Read more