Finway Capital, India's first Non-Banking Financial Company (NBFC) that assures 24 hours of Turn Around Time (TAT) on Tuesday introduced predictive intelligence technology to assess the payback capacity of loan seekers and borrowers whose applications are often rejected by financial institutions due to a poor CIBIL score.
Inspired and impressed with Prime Minister Narendra Modi's, 'Everyone is entitled to get credit' mantra, Finway uses Artificial Intelligence (AI) with a human interface model to predict the payback capacity of the loan seeker.
If one's CIBIL score is bad, still he/she still has opportunities because this new methodology works on lenient yet authentic parameters to judge the payback capacity of an individual.
This alternate system is very accurate in assessing the creditworthiness of an individual, minimizing the documentation process and ensuring quick disbursal of loans to people in need.
"We are moving on the same lines of PM Modi's financial inclusion mission that everyone is entitled to get credit. Simple documentation process and instant approvals via fastest online gateways empower Finway Capital to ensure the borrowers with quick and easy access to funds. Although we even provide loans to people without any credit history, we are not burdened with any NPA till date," said founder and CEO, Finway Capital, Rachit Chawla.
"In the next two years, Finway is planning to offer its services in more than ten cities, including the four metros. Simultaneously, people will soon be able to receive all our services through offline loan shops as well," he added.
Finway Capital is working on a motto of 'Making Finance Human' to provide its customers secured and unsecured loans on-time, every-time, and when they need it the most.
The organisation is committed to hassle-free lending to small businesses and salaried employees through a digitally robust system.
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