LoanAdda: Finding the Right Loan is Now Easy
Founder & CEO
Technology Platform for the Needy
“LoanSwift”,its proprietary technology platform enables it to make quick underwriting decisions using machine and deep learning models across customer life
cycle, from acquisition to
Loan adda uses Machine Learning or Artificial Intelligence in which a vector of factors are mapped to the corresponding factors to enhance the accuracy or probability of an event, there by enhancing consumer experience and reducing costs
Loanadda uses Machine Learning or Artificial Intelligence in which a vector of factors are mapped to the corresponding factors to enhance the accuracy or probability of an event, thereby enhancing consumer experience and reducing costs where in technology lays emphasis on streamlining the customer experience.
Talking about LoanSwift, Anshuman says, “Traditional underwriting works for evaluating borrowers with a considerable credit history, but when there is limited or no data, there is no possibility of ascertaining the difference between a credit worthy and a high-risk borrower. Machine learning fills those gaps by analyzing a considerably broader
Targeting the under banked primarily, these are customers who have no or limited credit history and numerous inaccuracies, some thing which is not enough to access credit worthiness. As a result, they are denied credit because they cannot be underwritten by traditional systems. The platform analyzes thousands of nontraditional and traditional variables to accurately score borrowers, including thin-file and no-file borrowers. It can analyze vast amounts of in-house data, such as customer interaction data, payments profile, and purchase transactions. LoanSwift can also add traditional credit information and nontraditional credit variables, such as how a customer fills out a form, how much time they spend on a site, and more.”
The Journey to Success
Powered by a team of top notch banking expertise Loanadda disburses loans on its own app which is the highest ranked app in Working Capital Loans and Loan against property. LoanAdda’s focus on profitability makes it have a hybrid model of Lending cum aggregation with Banks & NBFCs. The company has been a catering to a wide range of segments from under banked to high end ticket loans like the first ever online Rent Securitization Loan of Rs.100 cr from Bajaj Finance along with disbursing the first online NRI Home Loan for Nigeria, Africa location, from Tata Capital Home Loans. Aiming to do a business of 1000 cr in the FY 2017-18, Anshuman concludes,“Our future plans revolve around big data analytics and develop a dynamic scorecard based credit risk model that automatically decides the loan score with improvised ways at lesser costs”.