Ensure the best outcomes based on your needs. Our rule engine as a service, which helps the loan origination system, configures all the business rules and credit parameters based on your credit policy. With a flexible and easy-to-use credit risk engine, we help empower your business, accelerate decision-making, and automate your lending process.
CloudBankin’s rule engine software is configured with the rules that make the credit policy. Data of the borrowers obtained from sources like Aadhar, PAN, CKYC, Credit Bureau, Bank statement Analyser, Alternate data, etc., are used as data points in the rule engine. The rules associated with these parameters are easily configurable. We have configured 2000 data points and can add more based on your requirements. Manual intervention can be minimised to the extent of taking informed final decisions when necessitated. Get the Credit Assessment Memo as the output.
Set your parameters easily, let our decision engine evaluate your borrowers and make credit decisions within minutes based on the outcomes with our inbuilt analytics!
1. Credit Rule Assessment Criteria Module
This module in our rule engine software is set up based on your credit rules that check for the eligibility criteria for the borrowers. Two types are integrated here:
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Soft Credit Pull
A preliminary credit check appears on a credit report just like any other inquiry. Whether your borrower checks his own credit report or you are periodically reviewing his current credit accounts, a soft check is conducted. The soft inquiry doesn’t affect the credit score and can happen even if your borrower hasn’t applied for credit.
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Hard Credit Pull
Your borrower gives you consent to check his credit report, which you need for the final decisioning. This is when a hard check occurs. This might even affect the borrower’s credit score.
2. Scoring Module
You can configure a basic score for each condition in the rule engine. The system will automatically create the borrower’s scorecard. For example, if your credit score is higher than 600, you should give a score of 10; if it’s higher than 650, you should give a score of 12. In this way, set scores for each condition and then produce a scorecard for the borrower.
3. Rule-Based Output
Our rule engine software will provide you with the results so you can make a credit decision after evaluating and processing your borrower’s loan against different conditions like age, credit score, borrower’s current salary, any prior loans of the borrowers, interest rates, and 100+ parameters. For instance, If a credit score is greater than 600, the interest rate is set at 12%, and if it is lower than 600, the interest rate is raised to 15%.
4. Requirement for Rule to Pass
We will be able to specify fundamental eligibility requirements in our rule engine, on the basis of which it will choose whether to accept or reject the borrower. For example, the minimum age requirement is 18. If the borrower is over 18, the application will be accepted; if they are under 18, the application will be rejected.
5. Calculation Script
Set up and manage your calculations based on various parameters of the rule engine platform. For example, we calculate Debt-to-Income Ratio and other financial ratios without touching the code.
Our credit risk engine software supports two processes. Whichever you need, we have it.
Straight Through Process
This involves complete automation where you directly view your borrower’s eligibility result with a loan offer after processing.
Underwriter Process
Here, our risk engine software shows borrower’s eligibility outcome to the underwriter after processing. Underwriters can verify and manually choose to give loan offers corroborating the engine’s result.
Get the best business results with our automated, flexible, customizable decision-making software!
- Email: salesteam@cloudbankin.com
- Sales Enquiries: +91 9080996606
- HR Enquiries: +91 9080996576
After smartphone penetration, people are not watching their SMS at all. They use SMS only for OTP related transactions. That’s it.
But What can a Lender see in your SMS after you consent to them?
Lender can see income, expenses, and any other Fixed Obligation like (EMIs/Credit Card).
1) Income – Parameters like Average Salary Credited, Stable Monthly inflows like Rent
2) Expenses – Average monthly debit card transactions, UPI Transactions, Monthly ATM Withdrawal Amount etc
3) Fixed Obligations – Loan payments have been made for the past few months, Credit card transactions.
It also tells the Lender the adverse incidents like
1) Missed Loan payments
2) Cheque bounces
3) Missed Bill Payments like EB, LPG gas bills.
4) POS transaction declines due to insufficient funds.
A massive chunk of data is available in our SMS (more than 700 data points), which helps Lender to make a credit decision.
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