By now, you must have gotten tired of all the restrictions that have been placed around you due to the pandemic. Social distancing, temperature checks, regular sanitisation and other measures may keep you super safe, but COVID-19 has also knocked out normalcy for a high-flying six. This has given a lot of entrepreneuring minds a reason to explore the most disruptive ideas they come up with and ease the worries of consumers stuck at home. One such app is Saarathi.
The lending industry has had its share of ups and downs but recently, the latter has been a growing trend, since most of the lending services like credit approvals and loan sanctions were done without any technological help. In fact, a lot of NBFCs and other institutions were in the middle of digitization before the pandemic put a reasonably-sized spanner in their works. This is where Saarathi comes in.
Saarathi is a first-of-its-kind lending marketplace that brings in its digital expertise to transform the world of lending as we know it. Their hasslefree, paperless documentation makes the digital transformation of loan files possible within minutes. The app also supports multiple financial products in one platform, including loans, credit cards and insurance products. However their biggest USP is something that the lending industry has had some trouble in figuring out.
In 2019 alone, the total amount of loan fraud touched ₹65,000 crore, almost triple the amount from 2018 and it all fell down to practices which include manual assessments and sanctioning, leading to human error and subsequent chance of fraudulent activities. With its AI-powered systems, Saarathi has made sure that its risk assessment is airtight and provides the best information about a potential client before any approval has been made. They do this by generating an automatic, excel-based Credit Analysis Report of the customer, the data of which is sourced from trusted partners to aid underwriters in better risk assessment.
It’s not all for the businesses though. Saarathi is trying to build an ecosystem that provides direct interaction between the lenders and the potential customers, eliminating any middlemen and reducing cost while increasing the level of security. Customers can now enjoy benefits like transparent loan sanctioning processes, up to 5 times faster loan processing compared to physical institutions and custom choices that are tailor made according to their needs.
Saarathi uses sophisticated software to keep your loan files and activities secure while also providing you with a simple, usable user interface. The app is completely cloud based which means that all you need is an internet connection to get going without even getting up from where you are! It is built on the trustworthy "Decimal Technology’s" proprietary and industry trusted No-Code Low-Code platform which helps the app support more services with time without compromising on security. The product is built on AI/ML components for recommendations which helps in seamless customer and lender matching without any manual restrictions.