Easiloan Launches India’s First AI-Based Home Loan Selection Engine
Easiloan Techno Solutions, a new era FinTech The start-up launched the “Easiloan Instant Match” app, the first artificial intelligence (AI) technology-based selection and recommendation engine in the housing finance industry for homebuyers.
With this launch, Easiloan.com aims to address inefficiencies in the home loan ecosystem by leveraging technology to streamline lending processes between buyer, developer / seller and lenders. The app brings together developers, Direct Selling Agents (DSAs), customers, banks and NBFCs on a single platform for end-to-end digital mortgage processing. Proprietary AI-based feature allows customers to compare and choose from pre-selected options based on their profile.
Easiloan has partnered with leading lenders such as HDFC, ICICI Bank, SBI, Bajaj Housing Finance, PNB, IIFL Home Finance and others. Easiloan already manages home loans for several developers in Mumbai and is in talks to partner with many more in Pune and Bangalore over the coming months.
“Despite living in the digital age, obtaining a home loan in India remains a tedious and administrative process, involving multiple levels of documentation and approval, including physical visits to banks. This is where we want to make a mark. We want to take the pain and stress out of our clients looking for the perfect loan partner for their dream home. We are delighted to present India’s first matchmaking tool that curates the best deals matching specific customer profile and requirements through the use of artificial intelligence. At Easiloan.com, client profiles are pre-qualified, matched and processed through a fully digital platform, resulting in high success rates and shorter turnaround times (TATs). Faster loan processing also helps real estate developers achieve early cash flow and reduce booking cancellations due to non-servicing loans. Currently, Easiloan is handling a few hundred cases per month and expanding into new markets and adding a customer base, ”said Pramod Kathuria, co-founder of Easiloan.
Easiloan also functions as a demand aggregator between real estate developers, brokers and retail clients for the banking system. It offers a one-stop solution to real estate developers for their clients’ mortgage needs through its profiling, matching and automated processing platform in the banking system. Pre-qualified customer profiles are offered to affected banks / HFCs through the Easiloan app, resulting in high conversion rates, low human errors, and faster penalties and disbursements.