Скачать или смотреть How a NBFC Operates

NBFCs stand for non-banking finance companies. Business prefers NBFCs for availing funds because of the flexible loan terms and less stringent eligibility criteria. Also, because of the different kinds of loans offered by NBFCs, allows business owners to choose a loan fitting their needs and purpose.

1) Loan Application
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This is the first stage of the loan origination process. In this stage, the borrower completes the loan application. Today lenders are shifting towards an electronic version that makes this stage Paperless. New technologies allow completing the application online through a website & mobile app, and collected data can be tailored to specific loan products.

2) Document submission
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At this stage, the potential borrower will have to submit a list of items to the lender to get a loan. This may include :
l ID Proof / Address proof: Voter ID, AADHAR, PAN CARD
l Current Employment Information including Salary slip
l Credit Score
l Bank statement & Previous Loan Statement‍
3) Parameter check
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At this stage, the application is received by the credit department and the first step done by the department is to review it for accuracy, genuine & Completeness.

Depending on the results from the review process, an application will be approved, denied, or sent back to the originator for additional information. If certain criteria do not match according to the rules set in the system, there can be an automatic change in the parameters, such as reduced loan amount or different interest rates.

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4) Risk Analysis
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When an application is totally completed, the risk analysis process begins. Now Lender checks the application taking a variety of components into account: credit score, risk scores, and many lenders generate their own unique criteria for scoring that can be unique to their business or industry.‍
5) Agreement Execution
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Loan agreements typically include covenants, the value of collateral involved, guarantees, interest rate terms, and the duration over which it must be repaid. Default terms should be clearly detailed to avoid confusion or potential legal court action.‍

6) Loan Funding
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Most loans fund shortly after the loan documents are signed. Second mortgage loans, Business loans, Loans against property, and lines of credit may require additional time for legal and compliance reasons. LOS can track funding and ensure that all necessary documents are executed before or together with funding.

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