A P2P lending company Bank2Grow helps borrowers meet validated investors to make loans accessible and convenient. They wanted Coruscate to help them build a tech-based solution that could make the whole process user-friendly, automated and easy for both parties to access and complete.
Coruscate developed a simple marketplace solution that increased convenience.
The banks took a long time to check the documents, validate their borrowers, and finally process the loans. Bank2Grow wanted to reduce the overall time taken to process the loans to the borrowers.
The lender-borrower system was absent in the market, as there were no verified lenders apart from the bank who would charge a nominal interest rate and offer loans for a defined period.
The process of checking the documents and validating the borrower was a lengthy one. The client wanted to make it convenient and easy for the salaried people in need of loans.
They wanted to make loans an effective investment segment for the people with a certain amount of money.
They needed a system that would validate both borrowers and lenders, and document their transactions.
They wanted a system that would standardize the lending rates across the different loan solutions.
The system should be able to record all the transactions, generate reports and make it easy for the company to check on individual transactions, interest rates etc. at a later stage.
We proposed a P2P marketplace for Bank2Grow where the lenders and the borrowers can meet, communicate and finalize the transaction. This marketplace would validate the lenders and the borrowers, define checklists for documentation, and ease out the work for both parties. The entire responsibility will lie with the application.
The borrower can list out their loans, and the lender will know the different.
The borrowers need to register and fill out a form stating.
The system automatically calculates the cost.
The system will define the amount that can be availed by the borrower.
This is the place within the system where investors.
The client’s backend has a team that verifies the documents manually.
There is a payment module that manages the transactions and payments.