Private sector lender RBL Bank has partnered with Mumbai based fintech platform CreditVidya, to instantly verify the employment details of salaried individuals, consequently reducing the turnaround time for credit assessments.
CreditVidya provides alternate data credit underwriting solutions to over 25 premier financial institutions.
“Through our partnership with CreditVidya, we have been able to leverage technology to substantially reduce underwriting costs in credit cards and personal loans, and also prevent employment-related fraud. In addition, we have been able to offer seamless customer experience and faster turnaround time for our services,” said Harjeet Toor, business head for retail, inclusion and rural business at RBL Bank.
Commenting on the product, Abhishek Agarwal, the cofounder of CreditVidya said that the employment verification engine – EVE would reduce underwriting costs, prevent human errors and employment-related fraud, thus enabling loan approvals within a few minutes for salaried individuals.