Loan Origination System
Increased velocity through paperless origination
The Loan Origination System (LOS) helps to acquire credit-worthy borrowers. The LOS module offers various options and flexibility in configuring lending workflows. We support several customer verification mechanisms such as eKYC, Authentication and eSign. The LOS module improves productivity by allocating and tracking tasks and reducing acquisition cost through a mobile based paperless process.
Achieve faster and comprehensive loan management
The Loan Management (LMS) module offers incredible flexibility in configuring loan products to help launch products quickly and manage the end to end loan lifecycle. IFRS compliant loan management system provides comprehensive features such as Loan amendments, Flexible repayment schedules, Collateral management, Exposure management, Death tagging and Insurance.
Improve collection efficiency
The Loan Collections module improves the recovery efficiency of delinquent loans in your loan portfolio. Our web based, workflow driven solution allows the lender to closely monitor, manage and collect delinquent loans. We support several tools, techniques and collection strategies such as proactive notifications, mandate set-up, NACH integration, cash based collection and mobile app for door step collections.
Personal Loans, an unsecured loan, requires robust credit evaluation yet a quick turnaround time. Novopay's integrated LOS, LMS, along with ML enabled credit rating and monitoring, allows Financial Institutions (FIs) to efficiently originate, sanction and manage loan lifecycle. Novopay's LOS capabilities allow FIs to not only lend to the salaried class but also to self-employed and small businesses. Eligibility scorecards, Alternate data based scores, Online Bureau integration, Straight-through processing, and India-stack readiness will help you differentiate your offering in the marketplace.
Micro Finance Loans (such as Joint Liability Group and Self-Help Group Loans) are low ticket lending to the bottom of the pyramid and are operationally intensive to service. Novopay's integrated solution helps Financial Institutions to cut down operational costs by 40%. Managing loans with group and center definition, attendance, group level workflows - such as group origination, group servicing, and group collections are built-in capabilities of Novo Loan LOS. Field officer app on the field allows Loan officers to originate and service customers in the field.
With a growing middle-class population, Consumer durables finance is a promising area for lending. Novopay supports several complexities required for consumer durable lending. Novopay field officer app allows Financial Institution staff and Dealer employees to originate a loan and provide sanction in a few minutes. The system supports several features such as Dealer masters, Dealer funding, OEM masters, Integration adapters with OEMs for product validation, Manufacturer subvention, Dealer subvention, and Disbursement to Dealer Bank account or adjustment with dealer lines.
Loan against gold jewelry is a popular loan product for short term needs. Loan against jewelry, however, needs, specialised Loan origination flows for capturing collateral details, a value of collateral based ornament type, purity and rate, periodic evaluation of gold, revaluation of collateral, gold vaulting and custom reports. Novopay supports specialised workflows for gold loan business.
Auto-loans (for 2 wheelers and 4 wheelers) needs end to end capabilities such as Dealer management, Vehicle master management, Subvention, Asset re-possession. Novopay supports financing of new and used vehicles, including add on financing for insurance, parts, tyres etc. Novopay's flexible APIs allows the system to be easily integrated with auto-loan market-places.
Small and Medium enterprises make a significant contribution to national GDP. Yet, most of these entrepreneurs find it difficult to access formal finance. Novopay supports Micro-enterprise loans by supporting easy paperless origination of business details, usage of built in industry-benchmarks for cash flow analysis, ability to ingest details such as billing data, robust site visit process and geotagging of locations.
Artificial Intelligence for Lending
Machine Learning (ML) is an extension of artificial intelligence, that enables computers with the ability to learn, analyse and predict using algorithms that iteratively learn from data. Machine Learning therefore empowers a system to learn and adapt itself with minimal human intervention. Lending as an industry can achieve operational and strategic efficiency through the implementation of machine learning across its processes and verticals.
Aadhaar & India Stack
Digital India for productivity and customer convenience
We offer comprehensive Aadhaar services including Authentication, eKYC and Mobile Update. We also offer eSign services in lieu of wet signatures thereby speeding up the customer acquisition process by eliminating paper. We are fully integrated with the UPI protocol and support loan disbursements and repayments over the UPI network. We can leverage GSTN to validate and verify potential borrowers and also credit rate them based on transaction data.
Analytics & Dashboards
Empower business with real-time and actionable analytics
We provide comprehensive dashboards that provide insights into your lending portfolio. These real-time dashboards reflect business analytics that are useful not only to CXOs, but at all levels of the organisation to enable better decision making. The Novo Loan dashboards are also useful to track and analyse day-to-day operations to ensure smooth functioning of the lending system.
The rich Geographical Information System (GIS) functionality brings spatial insights into the distribution of the loan portfolio and provides an intuitive understanding of the business and operational aspects.
Collaborate with Fintechs using Open APIs
Every granular level feature is provided as an API to facilitate collaboration with partners. API gateway supports provisioning, multi-level security, throttling and billing capability. API sandbox allows partners to be connect up on a self-service basis.