New Delhi, Feb 20: India's first Non-Banking Financial Company (NBFC) Finway Capital, that ensures 24 hours of Turn Around Time (TAT) introduced predictive intelligence technology to evaluate the paying back capacity of those customers who seek loan and borrowers whose requests are often rejected by financial institutions due to a lower CIBIL score.
Finway applied Artificial Intelligence (AI) with a human interface representation to forecast the repayment capacity of the loan seeker. This is said to be inspired by Prime Minister Narendra Modi's words, 'Everyone is entitled to get credit.'
Even if a person's CIBIL score is bad, he/she still has the chances to get a loan as this new system works on mild yet authentic parameters to analyse the repayment ability of an individual.
The system is very reliable in evaluating the creditworthiness of a person, reducing the documentation and other formalities. This also ensures quick disbursal of loans to people in need.
Founder and CEO, Finway Capital, Rachit Chawla said, "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."
he further added that "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."