Neolend offers fast, convenient payday loans for salaried individuals, with a borrower-centric approach that prioritizes speed, transparency, and security. Here’s a step-by-step breakdown of our process, ensuring a smooth experience from initial contact to final repayment.
Reaching Potential Borrowers
We reach potential borrowers through carefully targeted digital campaigns on social media, ensuring we connect with the right audience within specific geographic regions. When someone clicks on our ads, they arrive at our website, where they can choose between two types of forms:
- Detailed Form: For those ready to share all necessary details upfront, enabling faster processing.
- Short Form: For those interested in learning about our offerings before committing.
Once the form is submitted, our team promptly reaches out to guide the borrower through the next steps, building a personalized connection from the start.
Initial Borrower Interaction and Application Setup
After the form submission, our team contacts the borrower to understand their needs and guide them through the process. During this call:
- We verify the details provided, which are securely transferred from our website to our internal system.
- We confirm the proposed tenure, interest rates, and one-time fees, ensuring accurate and transparent communication.
- An email with a comprehensive overview of the next steps and required documents is sent to the borrower, providing a clear roadmap for the process.
Document Collection and Credit Assessment
After the borrower submits the initial set of documents:
- We generate the borrower’s Credit score/CIBIL report to assess their creditworthiness, a critical step for regulatory compliance and responsible lending.
- Our credit team carefully reviews the report to ensure the borrower meets our internal criteria, maintaining financial stability.
- If the Credit score/CIBIL meets our standards, the application moves to the next phase.
Identity Verification and Personal Discussion (PD)
If the initial checks are cleared:
- We verify the borrower’s identity through Aadhaar-based OTP verification, ensuring compliance with regulatory guidelines and reducing the risk of identity fraud.
- A personal discussion (PD) is conducted to clarify any discrepancies or missing information, further strengthening our understanding of the borrower’s financial situation.
- We communicate our decision based on the document review and credit assessment, including factors like FOIR percentage if needed.
Field Verification and Credit Recommendation
After verifying the borrower’s identity:
- We conduct a field investigation, reaching out to the borrower’s references (typically a colleague and a family member) to confirm the provided information and gain a deeper understanding of their financial stability.
- This is followed by a detailed credit recommendation, including a comprehensive Credit Recommendation Certificate (CRC) report, which forms the basis for final approval.
Video KYC and Final Agreement
Once the borrower clears the credit checks:
- We share a sanction letter detailing the loan amount, tenure, interest rates, and one-time charges, ensuring complete transparency.
- Upon reviewing and signing this document through a secure digital link, the borrower proceeds to a video KYC session, completing the identity verification process.
- The final step in this phase is the signing of the formal loan agreement, a legally binding document that solidifies the relationship between the borrower and the lender.
This KYC process takes hardly 15 minutes for the borrower to complete.
Loan Conversion and Disbursement
After successful KYC verification:
- The credit officer carefully reviews all comments and scores before converting the application into a final loan, ensuring comprehensive risk assessment.
- At this stage, the application transitions from the Loan Operating System (LOS) to the Loan Management System (LMS), preparing it for disbursement.
- A Disbursal Voucher (DV) is created, and the final checks are completed to ensure accuracy and compliance.
- Once all final checks are completed, the disbursement into the borrower’s account is processed, followed by an automated message to the borrower confirming that the funds have been successfully credited.
Repayment and Closure
To support timely repayments and maintain the borrower’s financial health:
- Automated reminders are sent to the borrower two days before the due date, helping prevent E-NACH/instrument return and protect their credit score.
- Our team actively follows up to avoid missed payments and ensure a positive financial experience.
- Upon full repayment, we generate and share a final receipt, closing the loan cycle and providing complete peace of mind.
Conclusion
Neolend’s end-to-end lending process is designed to be borrower-centric, ensuring speed, transparency, and security at every stage. This streamlined approach allows salaried individuals to access funds quickly while maintaining financial discipline, aligning with our mission to provide seamless services.
