Since the beginning of modern banking in India, the process to apply for a loan has been too lengthy which followed up with lots of stress, time consumption, tension too. Because of all these, it was very important and need of the time to introduce a new kind of lending which can provide an ease to the borrower to avail any kind of loan. Digital Lending is the solution to all the above problems and a new age in the domain of lending. There are various digital lending software providers in the Indian market. Below are some of them:
Loanbook
Loanbook is a simple lending application available for various platforms like web, Windows and Linux. The goal of the application is to simplify software acquisition implementation process for simple lenders like payday lenders from months to minutes. Loanbook is powered by Jisort platform which is a fully fledged banking system for SACCOs and MFIs. Loanbook setup is as simple as:
- Setting your default country,
- Setting your currency, and
- Setting your default bank.
The application is free to use for one user and only an additional user is billed.
LoanServ
Fiserv’s product LoanServ is a single serving platform that supports all types of retail loans and credits. The selling point for this loan servicing and processing software is that it offers a single place for all types of loan management activities, so that users can consolidate their operations. LoanServ offers: core servicing functions, shared systems and enterprise support.
Nortridge Software
Nortridge Loan System is a full-fledged enterprise-grade loan servicing software. Apart from the key modules: Loan Origination, Loan Servicing, and Collections, Nortridge Loan System also offers modules for Escrow, Participations, Multi-Book Accounting, and Client Web Portal.
FICS
FICS’s Commercial Servicer software offers features and capabilities that enable users to service all the different types of commercial loans like real-estate, property construction, multi-family loans, equipment loans, and a lot more. It offers a wholesome package that includes loan administration, asset management, payment processing, Escrow administration, reporting, and collections management.
Colonnade
Mortgage Builder’s loan servicing software is known as Colonnade. The solution is popular among mid-sized banks and credit unions for automating all the aspects of loan management life-cycle including loan set-up, cash management, investor reporting and accounting, default management, Escrow administration, and federal and state reporting. Mortgage Builder is liked by the users because if provides outstanding customer service and supports the users from planning to implementation and beyond.
Loan Assistant
The unique proposition of Loan Assistant software is that it offers an add-on for integration with QuickBooks. So, for businesses that are already using QuickBooks, getting started with Loan Assistant becomes seamless and quick. Loan Assistant is an easy, affordable and light solution that comes with all the basic capabilities for loan management for residential and commercial mortgages, education loans, vehicle loans, construction loans, etc.
Cloud Lending Platform
While some solutions in the market are still on premise, Cloud Lending Platform’s unique selling point is that is it completely cloud-based. Cloud Lending Platform is built on Salesforce, thereby making it highly flexible and agile. It is an end-to-end lending solution that offers six sub-products including: CL Portal, CL Originate, CL Loan, CL Lease, CL Collections and CL Marketplace. All these products can work together as well as independently to offer a complete and comprehensive loan management solution to the customers.
Cassiopae
Cassiopae defines itself as a market leader in finance and asset management software. It provides an all-in-one solution for managing any kind of loan, lease or asset. Cassiopae not only provides loan servicing capabilities but a range of other financial management tools for commercial lending, equipment finance, consumer finance, real-estate finance, auto finance, fleet management, and asset & property management.
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