has launched its cloud-native real-time co-lending and direct allocation platform, Navi Lending Cloud (NLC).
The platform aims to enable digital management of co-loans and direct allocation partnerships with banks or NBFCs. Recently, finserv ship it also went live with two of its first co-financing partners: Piramal Capital and Housing Finance Ltd.
Founded by Sachin Bansal Y ankit agarwal, Bangalore-based Navi is a technology-driven financial products and services company that targets the digitally connected young middle-income population. As an integral player in the digital ecosystem, it offers full control over the customer experience across all three non-payment financial service offerings: insurance, lending, and asset management.
Under the partnership, Navi Tech and Navi Finserv will derive and process personal loans based on mutually aligned credit parameters, while Piramal Capital and Housing Finance Ltd will finance 80% of these loans. The service of these loans will be in charge of Navi Finserv, together with the collections.
“We plan to bring in multiple investors and high-quality co-lenders that will enable Navi Finserv to increase disbursements. Navi is already providing personal loans to clients in over 84% of all pin codes in India, and Navi Lending Cloud will help us penetrate the market even more,” said Sachin Bansal, co-founder of Navi Group.
“Customers will be the biggest beneficiaries of this product as they benefit from Navi’s product expertise and the increased availability of loans through our NLC partners. We are pleased to launch NLC with Piramal Capital and Housing Finance Ltd as our first partner”. he added.
The company said NLC will allow investors to explore a portfolio of their choice from Navi Finserv’s books, which they can analyze, invest in and monitor. NLC features automated due diligence, portfolio performance monitoring, and payment management.
It claims that direct allocation transactions will be completed in 2-3 days, compared to the typical current schedule of 15-20 days. While NLC’s co-financing segment features real-time loan disbursements through customized credit policies, it also assists in real-time settlement of collection payments to co-lenders and manages reconciliation.
“Navi Lending Cloud will help us unlock capital at scale for our lending business with no change to the customer experience. Our lending partners will be able to access the distribution power of Navi by embedding the platform with simple self-service features. We look forward to NLC boosting direct allocation and co-lending on a different scale by automating the most difficult parts of the process, such as setting credit policies, managing pricing, monitoring portfolios, and reducing operational complexities, including auditing, compliance and reporting,” said Shobhit Agarwal, Head of Lending, Navi.