Loan Cirrus

Unsecured Loans Made Easy with Loan Cirrus

Loan Cirrus is your modern financial companion, reimagining the loan experience for you. It is your go-to destination for tailored loan solutions that align with your goals and dreams. Powered by VMBS’s 144 years of expertise, it offers a path to financial empowerment. 

Discover fast processing, affordable payments, and expert guidance. With Loan Cirrus, your financial journey becomes seamless, accessible, and filled with opportunity. 

Industry

Finance

Services

Loan

Business Type

Debt finance

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Client Requirements

Our clients’ needs were driven by the real challenges borrowers and lenders face in the lending journey. For borrowers, the frustration of waiting for loan approval decisions was a pain point. They wanted a simpler way to submit loan applications and necessary documents, as well as clarity in understanding where their application stood. Communication with lending officers felt confusing at times, and accessing loan details was not straightforward. Borrowers also yearned for a way to easily compare loan products and rates. 

Lenders, on the other hand, were dealing with manual processes that caused errors and delays, making compliance with regulations difficult. The risk of fraud due to inconsistent procedures was also a concern. Loan origination, servicing, and collections often worked in silos, and the lack of robust analytics hampered decision-making. The inefficiency of the systems meant higher processing costs and delayed product launches. Lenders wanted to create distinct loan products for borrowers and introduce new ones without prolonged IT delays. 

Project Features

For Borrowers :

Effortless Application
Our platform streamlined the loan application process, offering a user-friendly digital form that ensured a hassle-free experience. Borrowers applied for loans with confidence and convenience, knowing their information was in safe hands.
Progress Saving
Flexibility was paramount. Our feature to save and resume applications provided borrowers the freedom to complete their applications at their own pace, eliminating the pressure of finishing in one go.
Document Upload
Paper-based hassles were eliminated. Borrowers uploaded necessary documents directly, simplifying the document submission process and expediting their loan processing journey.
Digital Signatures
Signing loan agreements and disclosures became a breeze. Our integrated e-signature functionality allowed borrowers to complete important paperwork digitally, saving time and reducing paperwork.
Real-Time Tracking
Transparency was ensured. Borrowers stayed updated on the status of their loan applications in real time, receiving notifications and updates as their applications progressed through different stages.

For Lenders :

Tailored Loan Products
Lenders were empowered with control over their lending offerings. They crafted loan products that aligned with their institution's vision and customer needs, ensuring a personalized lending experience.
Credit Check Integration
Instant insights were at lenders' fingertips. Seamless integration with credit bureaus provided access to real-time credit data, allowing lenders to make informed lending decisions quickly and accurately.
Smart Decision Engine
Our advanced risk modeling and decision engine empowered lenders to make swift, data-driven lending decisions, enhancing operational efficiency.
Efficient Application Management
Lenders stayed organized and efficient. They allocated and tracked loan applications across departments seamlessly, ensuring a smooth flow of operations and minimizing bottlenecks.
Comprehensive Portfolio Management
Lenders managed their lending portfolios with ease. Our platform offered comprehensive tools for overseeing loans throughout their lifecycle, from servicing to collections and recovery.

Challenges We Faced

Technical Challenges

During our journey, we faced technical hurdles while connecting with old systems like core banking and credit bureaus. Handling a lot of lending data led to concerns about the system’s speed. We worked hard to make sure that the models used to measure credit risk were accurate. Balancing the need to spot fraud while keeping borrower information safe was a big task. The system also had to be able to handle a sudden increase in users and complex loan types. 

Design Challenges

When it came to designing the system, we had some challenges. We needed to create easy steps for people applying for loans and make sure that verifying and giving out loans was smooth. We also had to make sure that both people taking loans and those lending them could use the system easily, whether on the web, mobile, or in person. 

Regulatory Challenges

Dealing with rules and regulations was another obstacle. There were complicated rules to follow, and we had to make sure our system matched them. Staying updated on changing rules was an ongoing task. We also had to adjust the system to fit the specific rules of different places. The system needed to show that it followed the rules, which meant keeping track of all the right records. 

Organizational Challenges

Getting everyone on the same page was a challenge too. We needed to make sure that the IT, business, and operations teams all worked together. Changing the way things were done and getting everyone used to the new system was a big job. We also had to teach many people how to use the new system so that everyone could switch smoothly. 

Project Journey

For Lenders

Planning Phase

Our journey with lenders began with understanding their unique needs. We collected requirements on loan types, workflows, and integrations needed, which laid the groundwork for our platform’s design. 

Build Phase

Moving into the build phase, we created a user-friendly borrower portal for loan applications and an admin portal for lenders. Integration with credit bureaus and banking systems was executed via APIs. Additionally, we developed a decision engine using risk models and rules, along with reporting tools for lending KPIs. Security controls and access policies were established. 

Testing phase

During testing, we carefully ensured module functionality and compliance with lending regulations. Load and performance tests validated scalability. Bugs were identified and fixed before release to ensure a seamless experience for lenders.

Deployment

With a solid foundation, the minimum viable product (MVP) was deployed. We diligently monitored the platform’s health post-launch, addressing concerns and ensuring uninterrupted service. Ongoing support included addressing bug fixes and implementing enhancements. 

For Borrowers

Planning Phase

Beginning with borrowers, we deeply explored diverse loan types to create a comprehensive platform blueprint. Collaborating with clients, we designed a roadmap that guided the development journey.

Build Phase

Transitioning to building, we crafted a borrower portal for easy loan applications and document uploads. Integrations with credit bureaus and core banking systems were established. The platform featured a decision engine powered by risk models, along with reporting and analytics tools. Robust security measures were implemented. 

Testing phase

Thorough testing ensured module reliability and compliance with regulations. Scalability was validated through load and performance tests, and any issues were resolved pre-launch. 

Deployment

The minimum viable product (MVP) was introduced, followed by vigilant post-launch monitoring to ensure platform functionality. Our commitment extended to supporting bug fixes and enhancements, ensuring a seamless experience for borrowers. 

Tech Stack

We used special tools and software to build the GovWins Web Application, making sure everything worked well together. Here’s what we used: 

Frontend

Angular JS

Backend

mysql

Others

Credit Bureau APIs

Core Banking System APIs

AWS Development Services

Loan Cirrus achieved 50% portfolio growth –

Envision your project thriving with our transformative strategies.

Results

The GovWins web application had a significant impact. It made things much easier for clients, saving them 80% of the time they used to spend searching for bids. They found twice as many relevant bids, and they also saved money by spending 30% less on subscriptions. The app helped them work better together and see all bids in one place. 

  Users loved it too. They saved 5–10 hours each week on bid searches and won 25% more bids because they could find the right ones. The app showed the best bids, which helped them decide quickly. 

Impact and Results

Lenders

50% faster loan processing. 

25% higher approval rates

30% lower loan costs

Faster new product launches

Borrowers

15% more approved applications. 

Minutes for decisions. 

24/7 access for tracking. 

40% higher satisfaction. 

Business Benefits

50% portfolio growth

Reduced fraud losses

Regulatory compliance

Informed strategies.

Cleared Doubts: FAQs

You can save 10% to 15% of costs if you hire offshore developers from QServices. You may calculate your estimated cost by visiting the QServices Pricing Calculator

To successfully hire offshore developers, you should have to pitch us on call, you must move forward through the proper procedure. As the maestros in building and hiring offshore teams, we believe that we’ve come closer than anyone else to mastering the technique. Hiring offshore developers include; 

  • Define your requirement clearly, 
  • Set up a meeting with us,  
  • Make necessary procedures such as hiring, documentation, etc., 
  • Selection of appropriate pricing policy. 

QServices is a well-known Software development outsourcing company for its exceptional support and services such as task management, project tracking, dedicated QA, dedicated project manager, free support in selected pricing modules, etc. 

Communicating effectively is perhaps the most crucial part of mutual understanding. A team of QServices usually uses MS team, Skype, etc. Also, we’re ready to adopt any other communication platforms according to your preference. 

On average, hiring an offshore software development team from QServices takes approximately of your 30 minutes to 60 minutes 

Our developers use project management tools such as GitHub, DevOps, and also we always followed Agile, Jira development methodologies which will directly or indirectly help clients to track the project’s success.

No, there is no other cost involved after the completion of hiring. We’re working on three engagement models such as; 

  • Fixed price model,  
  • Hourly pricing model, 
  • Hire a dedicated developer pricing model

 

Our Portfolio

Explore our portfolio for success stories. Here, we spotlight case studies reflecting technology's impact, empowering businesses and individuals to achieve success.

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Sahil Kataria

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Phil J.
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