Digitization of the lending ecosystem | mint

Online PSB Loans Limited (OPL) is a breakthrough digital credit infrastructure company that develops and integrates cutting-edge technology to automate and digitize loan processes for borrowers and lenders, resulting in a truly scalable system. The company addresses the challenges of distributing credit to MSMEs and retail borrowers. It develops unique analytics and algorithms for AI/ML-based credit products and offers high-end Fintech solutions to financial institutions.

Jinand Shah, MD and CEO, OPL says, “We have already built and are constantly developing the highly advanced technology for the lending ecosystem. The speed and agility of execution are the best in the Fintech industry. We provide a credit marketplace for borrowers and lenders by simplifying the borrower experience and facilitating access to credit. We provide white label solutions for lending institutions that include STP processes and digital monitoring encompassing the loan lifecycle.”

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(Left) Ronak Shah, Co-Founder and COO, OPL and (Right) Jinand Shah, MD and CEO, OPL

BPO is a pioneer in digitizing the end-to-end lending ecosystem. SIDBI, State Bank of India, Bank of Baroda, Punjab National Bank, Indian Bank, Bank of India, Canara Bank, Bank of Maharashtra, Central Bank of India, IDBI Bank, Indian Overseas Bank, Punjab & Sind Bank, Union Bank, HDFC ltd., Kotak Mahindra Bank, IDFC Bank, IndusInd Bank, ICICI Bank, Yes Bank, Federal Bank and others are some of their major clients. In addition, leading financial institutions, leading public sector banks and global credit players have made significant investments in the company, thereby holding equity stake.

The PSBLoansin59Minutes.com platform is mapped to all current loan processes, regardless of bank/lending institution type.

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The PSBLoansin59Minutes.com platform is mapped to all current loan processes, regardless of bank/lending institution type.

OPL has launched the PSBLoansin59Minutes.com platform for credit automation to borrowers. The platform is mapped to all current lending processes, regardless of bank/credit institution type. PSB59 also provides quality information to lenders to provide faster solutions for credit decision making. Currently, the platform has been adopted by more than 1,50,000 bank users, representing almost 60% of bank branches in India. The platform processed 6,17,000 proposals amounting to INR 1,24,000 crore with over INR 70,000 crore in disbursements. Today, the company has uniquely positioned itself in the digital lending ecosystem.

Online PSB Loans is the only lending marketplace where all major banks/financial institutions have been integrated into one platform. “We empower both borrowers and lenders. We offer both lenders and borrowers the choice to select their funding preferences. It is the uniqueness that differentiates the platform from other players,” says Ronak Shah, Co-Founder and COO, Online Loans PSB.

The solution uses sophisticated algorithms to read and analyze data points from various sources such as IT declarations, GST data, bank statements, MCA21, office and fraud database in real time while capturing the basic details of the applicant using smart analytics. The platform’s APIs make key data easily accessible and any new data can be easily integrated. Approval of MSME/Retail/Mudra loans has been “accelerated” through this platform. Launched in November 2018, the platform became India’s largest digital lending portal within three months of starting operations. *

The company strives to make its infrastructure available to other players in multiple industrial sectors. The application will relate to banking programs, government programs, industrial ecosystems, etc. One of the main benefits for credit institutions and MSMEs will be improved AI/ML-based scoring for MSMEs.

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