Automated loan processing method in presence of technology
Project Summary
AAVAS generally works with consumers in semi-urban and rural areas who fall into the low- and middle-income bracket to provide housing loans.
AAVAS considers each customer to be unique in terms of his or her financial demands and feels that it is imperative not to treat them as a homogeneous group of borrowers but rather to respect each customer's unique needs and provide housing financing options that are acceptable and suitable to them.
Technology Stack
- Platform- Open Source tools
- Framework- React & Node Framework
- Database- PostgreSQL
- Frontend- React JS
- Tools- VS Code, Mockups for wireframes, Adobe illustrator
Challenges
As the saying goes, “You can not achieve something without facing the predicaments” we also faced a lot of challenges whilst approaching this issue which are :
- Manual way of Loan processing
- Documentation
- Verification
- Disbursement
Solutions
Deployed Automated Loan Processing Mobile and Web App through End user (Loan Seeker) can apply for the desired Loan, can upload the required KYC documents, and system automatically does the KYC update and validate the potentials of Loan and process it without any human intervention.
