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Digital Lending Platform Development For Choice International SPARK Loans

This case study showcases the successful development and implementation of a digital lending platform, SPARK Loan, by Choice International, aimed at automating and digitizing the process of obtaining loans against securities.
Discover how the platform revolutionized the lending experience, providing convenience, efficiency, and security for both lenders and borrowers.

About Customer

Industry
– Fintech
System Users
1000+
Location/Country
India

01 Challenge Faced by the Customer:

Fintech Choice International recognized the manual and cumbersome process of obtaining loans against securities as a significant challenge. The traditional approach involved extensive paperwork, lengthy approval processes, and lacked real-time visibility, leading to delays and inefficiencies in loan disbursement.

02 Proposed Solution:

The proposed solution involved the development of the SPARK Loan platform, a comprehensive digital lending solution tailored to address the challenges identified. The key features of the proposed solution included:

1. Registration and Authentication:

  • Implementation of user-friendly registration processes.
  • Multiple authentication methods for secure access, including login with PIN and biometric authentication.
  • Integration with CKYC for seamless customer onboarding.

2. Loan Management:

  • Ability for borrowers to pledge securities and create loan applications directly through the platform.
  • Support for loans against mutual funds, expanding collateral options for borrowers.
  • Real-time eligibility checks based on pledged assets.
  • Features such as margin shortfall handling, top-up options, and collateral management functionalities.

3. Integration and Payment:

  • Integration with CDSL platform for efficient management of pledged securities.
  • Implementation of Aadhar Esign for electronic signature authentication.
  • Integration with Razorpay payment gateway for secure and convenient loan repayments.

03 Implementation Process:

The implementation process of the SPARK Loan platform involved:

1. Application Development:

  • Development of cross-platform mobile applications for Android and iOS using Flutter technology.
  • Creation of a web-based admin/loan manager dashboard using Frappe framework.

1. Application Development:

  • Rigorous testing of the platform to ensure reliability and security.
  • Deployment of the platform in a phased manner to minimize disruptions.

Product Screens

Phone base image

04 Technologies Used:

Frontend:

Flutter

Backend:

Frappe

Database:

SQL(MariaDB)

05Business Impact:

The implementation of the SPARK Loan platform resulted in significant business advantages for Fintech Choice International, including:
  • Streamlined loan processing and reduced turnaround time.
  • Enhanced customer experience and satisfaction.
  • Improved operational efficiency and cost savings through automation.
  • Increased scalability and flexibility to adapt to future requirements.

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