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Microfinance Loans

Novopay Microfinance Lending product enables the entire gamut of MFI Operations including Loan Officer performing Loan Origination in the field all the way to backend processing of the Loan Application. This comprehensive product covers Compulsory Group Training, Group Recognition Tests, Contact Point Verifications, Credit Bureau based Underwriting, Insurance Policy Lifecycle, Automated Disbursements, Repayments, etc.

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“With a 24% YoY growth, India’s MFIs, have a 38% market share, and continue their market dominance in the lending space”
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Micro-finance Loan Products
We support a comprehensive suite of Micro-Finance lending products such as Joint Liability Group Loans, Seasonal Loans, Micro-enterprise Loans, Pre-approved unsecured business loans, Micro-housing loans. Novopay comes with a robust Loan product definition framework, using which new loan products, custom accounting rules, custom defined charges, documents list can be managed.
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Loan Officer App
Loan Officer App is an android app that allows 100% paperless digital onboarding using eKYC as well as digital scanning of documents, Contact point verification, Reference check, Geo-tagging of locations, Centre and Group tagging, CGT, GRT, End use check etc. App is supported on Tablets as well as BYOD phones and comes integrated with peripherals such as STQC certified biometric scanners and bluetooth printers
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LOS & Credit Underwriting
Novopay supports a BPML compliant workflow engine to support complex Loan origination (LOS) workflows. Loan workflows support Task allocations based on role and office access, Deviation rules and Stage reversal. Credit underwriting is rule based, including Credit Bureau based rules and bank policies based on Loan application, applicants and co-applicants. LOS also supports an in-built Document management system (DMS), Inventory management and Document vaulting module.
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Loan Business Correspondent
Lending Business Correspondent (BC) module allows an FI to extend the loan portfolio by partnering with BCs. BC module comes with BC onboarding, FDLG & Limit set up, Revenue share and Commission definitions, Bulk sourcing (via files and APIs), Advance disbursements and Pull-backs, Bulk Loan repayments (files and APIs), Bulk Loan foreclosures and Scheduler jobs for BC operations.
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Pre-built Interfaces
The product comes with strong adapter layer with pre-built interfaces for Posidex, MDM, Multi-Bureau, NSDL PAN, EKYC, Aadhaar Auth, eSign, Document Management (NewGen), Data Warehouse, Enterprise GL (such as Oracle Financials), mATM and others. A well designed adapter layer allows us to rapidly build new interfaces, both API based and file based.
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Analytics, Dashboards and Reports
Dashboards provide key insights for running MFI Lending business. Several graphical and GIS based dashboards are supported, such as Transaction Analytics, Centre analytics, Sales Analytics, Collection analytics and Server performance analytics. Several of the analytics are map based with drill down capability. More than 100 canned reports are available to support MFI lending business.
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LMS & Customer Servicing
Loan Management System (LMS) supports extensive Loan management features such as Loan schedule management., rescheduling, Holiday management, Fixed and floating rate of interest, Foreclosure, Death marking and Insurance settlement, Interest accruals, reversals, NPA provisioning. LMS also provides a robust Customer 360 degree view - with Client level, Application level and Loan level views, with drill down and viewing documents and with powerful searches across various parameters. It also allows a comprehensive edit demographics feature.
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Loan Collection
Loan Collection modules allows repayments to be collected in cash and via standing instructions. Cash collections can be downloaded for access-controlled centres, for a period of time and collections can be done offline using the Collection App, Collection receipts generated (including vernacular), collections are synced once data connectivity is available and cash reconciliation at branch is supported for collected amount.
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