Excerpts: Shibul Pavithran
- What is Easiloan in simple words… ?
Easiloan is a digital home loan marketplace, where we have 15 plus banks across the private, public, and HFC offerings which are at the supply side and we have borrowed works across segments like salaried and non- salaried which constitutes the demand. So all in all, we have demand and supply of home loans together.
- Since your company are a fairly new one, how tough or easy was your entry into the mainstream loan market space?
We started operations formally from the month of July 2021, but we have been operating in stealth mode since April last year. And ever since we commenced our operations, we had a very different approach to acquire the customers or the loan borrowers through our exclusive developer mandates and through this developer programme we have been able to tie up with developers at an exclusive level, wherein we become the single point banking solution for these developers. And offer home loan services for all their customers, across segments. For the developers we also become one point contact, from bringing in new banks to approve the project, and hence create a variety of banks leading to fund their customer base.
- What makes you different from other loan providers in the market, such as banks and other private vendors?
Most of the home loan offerings are given by the banks themselves, and these banks typically operate through their directive schemes or operate through their sales associates, commonly known as DSAs. And these sales associates usually offer their respective propositions, so a particular bank who has been active in sourcing borrowers, usually offers only their own scheme. Even though some of them have an online portal, still most of them offer most of their services physically. However when it comes to offering the services on an online platform exclusively, there are few online vendors who focus on home loan as a category, as it is a complex process in the lending space. Even these players mostly focus on lead generation or lead aggregation. So they generate the lead and pass it to the bank for processing, so again the customer is stuck in the loop of being personally/physically being involved in the multiple check processes done by the bank, such as checking of documentation, signature etc etc.
As far as the Easiloan is concerned, we are part of the complete customer journey, end to end. Right from the stage of lead discovery that comes on our platform to actually hand holding the particular lead with wide options via our lending partners. And everything is done digitally; we acquire a customer digitally, profile a customer through our matchmaking application and then offer all the lending options which are available as per the customers profile. So the customer feels empowered to choose after comparing between the RoI tenure and their requirements, and that’s what makes us very different from all the other lending players in the market today. Also, we do the credit appraisal, we do a thorough analysis of the documents submitted by the customer, and issue a pre sanction letter instantly, and the customer can easily download the pre sanction letter from the Easiloan website. This makes our process very transparent, grants 100 per cent visibility for our customers about their eligibility and gives the knowledge about which bank will be able to give them the final funding.
- Usually finding a secured home loan is a lengthy process, how fast can your company help your customer in obtaining one?
You are correct in saying that obtaining a home loan is a time taking process, as it requires a lot of paperwork, signatures and so on and so forth. However, Easiloan have reimagined the process of home loan processing is done:
- We do everything digitally, as customers can apply for a home loan from their comfort space or any other remote location.
- The other thing that we have focused on is the turn-around time. So the moment we collect the documents from our customers digitally, we instantly submit it to the bank, and that reduces the turn-around time.
- How has been your journey so far?
The journey has been very interesting and a lot of learning on the way. We have achieved a very high success in a short period of time in creating a strong demand rate and also being able to on-board almost all the vending institutions across banks, be it public or private which makes our services a good experience for our customers.
We started our journey from Mumbai and achieved a good name and success, subsequently expanding our operations to Bangalore and Pune. We have 40 plus developers on an exclusive basis across the cities that we have already tied up with. And we have been successful in being able to disperse 600 cases, valued at 300 crore plus in just over 7 months period.
- What are your future plans, especially with regards to the technology that you use and being more accessible for the general public?
The Easiloan application is already issuing a pre-sanction and we are adding a lot of features with regards to our credit appraisal. So this unified credit appraisal engine will be able to issue real-time sanctioned letters from Easiloanon the same basis as banks issue the sanction letter. So that is something that we are in the final stages of testing. Then we have developed a partner login, through which one can sign up new developers, new brokers, new DSA, or anybody who wants to share leads with us. By doing this we will also be able to start our own referral programme and it only takes one minute to sign up with Easiloan and after signing up one can straightway start sharing leads on the Easiloan platform for your customers.
We are adding many other features, so that we start playing the role of frontend for the banks, wherein the banks can tie up with Easiloan, not just to generate leads but also to do the entire credit appraisal at the Easiloan application itself. Hence we will be offering very high productivity in sourcing and closing of loans to the banks. There are several other added features that we are developing from the artificial intelligence module, wherein it will help us understand that the customer slot better and even in understanding appraisal process by banks, and we shall strive to keep improving it to be able to give 100 percent conformity to the banks credit logic and as well a for the customer profile.
Good Blog