Online automobile transactional marketplace Droom on Thursday unveiled its marketplace to get auto loan for used automobiles by launching Droom Credit, which an end-to-end online and fully automated credit marketplace to get loan approval in 30 seconds with its own proprietary credit risk engine, unbeatable credit terms, paperless process, and fully automated work-flow management.
Leveraging a proprietary algorithm-based credit risk management engine as the fulcrum of its consumer credit marketplace
As part of the initiative, Droom has on-boarded BFSIs comprising commercial banks, NBFCs, and other financial entities such as the Tata Capital, Faircent, Kotak and HDFC with its initial service rollout..
The platform conducts comprehensive loan assessment through its algorithm which computes multiple raw data points to analyse the creditworthiness of an applicant.
This includes leveraging the India Stack i.e. Aadhaar, e-Sign and Digital Locker. The Marketplace also uses, PAN verification, credit score validation, income statement authentication, along with many other variables for objective, unbiased and instant credit evaluation.
Droom Credit is a 21st century way to borrow or lend for used automobiles. Getting auto loan for used vehicles in India has been full of pain points because, it takes forever, high rejection rate, lots of paperwork and unaffordable credit terms. Hence, we wanted to make auto loan process very smooth, affordable, efficient and paperless, said Sandeep Aggarwal.
The centre of Droom Credit is a proprietary credit risk engine combined with OBV
With Droom we not only built India's most advanced marketplace for automobiles but we have also launched four very important tools for the ecosystem that are becoming industry standards such as Orange Book Value
Apart from the assessment report, Droom Credit comes equipped with Store Manager, a lender's dashboard, ratings and reviews, lender/buyer KYC and self-configurable credit risk panel.
Store Manager grants higher flexibility and greater command to the lenders over the loan origination process. It allows lenders to modify profile settings, set credit terms, post document requirements, and set or manage credit risk profiles, along with other vital features.
They can also override default algorithmic settings for all categories through the Store Manager. By doings so, lenders can set their own scores and weightages for their desired buckets.
Increasing its gamut of services, the platform will also unveil a borrower management platform, digital lockers for all documents, a billing and payments management platform, a review and ratings system, and an order management platform on Droom Credit.
The platform will initially cater to automobile loans including used and new vehicles with a vision of becoming India's most comprehensive, unbiased and independent way of acquiring instant loans.