Well, everyone reading this can relate themselves to this post….. since we all have been through the phase: “bhai 50 rs de naa, i’ll pay you tomorrow” and most of the people in today’s time require loans from banks. So what is the difference between both the situations. Well, banks used to have a very good reputation of letting people down while a friend would always help you out.
Ever wondered why loan processes in banks used to be so laborious? So let’s see how does the bank function- The entire process of identifying a borrower and creating appropriate documents leading to disbursement, servicing and finally recovery of the loan in a cycle is Asset Management. The risk in this transaction is that this loan could turn out to be a bad loan at any point of time. Monitoring the loan is an essential part of Asset Management. The challenge for Banks and other asset management companies is to find a robust, scalable, comprehensive product which results in increased operational efficiency and strong loan management processes……
FINLUNA comes to rescue. FinLUNA helps the Bank in providing Loan originating system with excellent support in creation of flawless documentation and to deliver prompt and effective service to its customers. It caters to both retail and commercial lending scenario and automates all stages of loan origination, management, and repayment tracking. Here are a few features of FinLUNA:
1)FinLUNA facilitates integration with Core banking systems, Core Accounting System, Various documentation processes, Credit & risk analysis and MIS systems.
2)Automatic message creation, transmission of letters, e-mails and SMS’s to borrowers.
3)User friendly system helps reduce manpower and training costs
4)FinLUNA is fully compatible with Microsoft SQL Server 2012.
These are the following perks of FinLUNA:
1)Different workflow parameters can be set for different lending products.
2)Workflow logic translates business requirements into enforceable processes.
3)Manages the different stages of work-flow independently for every application.
4)Robust controls ensure transaction and data integrity, operational efficiency, risk management and compliance.
5)It has a ready solution for post-disbursal requests of customers, like prepayment, deferral, early termination, and simple queries, It carries features for rescheduling, foreclosures, termination, and closure of loans.
6)As a result of the ease of work flow in banks, the common man gets to enjoy simple processes to seek loans along with regular updates, less time required to pass the loans, and the confidence that their loan will not bounce back due to faulty paper work.
So this was FinLUNA for you guys, a tool which strives to convert the banks into your friendly neighborhood lenders by making loan processes easier and convenient.