Reported by: banking|Updated: August 1, 2020
Tata Group’s financial services arm Tata Capital has launched an exclusive digital automatic renewal process for select channel finance customers. As an industry first, customers can now renew their loans up to Rs 20 million instantly with a completely new digitized model. The automatic renewal is done with the help of a proprietary rule engine that consumes over 100 data points to enable instant sanction. With no pre – sanction documentation, the customer’s eligibility is calculated as per their past payment records. The objective is to enable faster credit decisions, bring efficiency to the entire login to sanction processes and offer more value to an eligible customer. Abonty Banerjee, Chief Digital Officer, Tata Capital, said one of the main advantages of an automatic renewal sanction is that the company’s eligible customers can now have access to funds instantly. This enables them to focus on their business as sanction for loans up to Rs 20 million is a very simple and convenient process, she added. The company’s customers can also avail loans across various other categories, which include working capital for SMEs, channel finance and sales invoice discounting amongst others.