KATHMANDU: MEGA Bank Ltd. has implemented and has gone live with the Credit-X (Loan Automation System) to automate and digitize processes like Online Loan Eligibility, Online Loan Application, Internal Loan Workflow, Risk Assessment, Credit Documentation and Approval of loan including post-approval documentation like offer letter and loan deed in partnered with S.B Solutions Pvt. Ltd.
Amit Shrestha, Chief Business Officer of MEGA Bank Ltd, and Mr. Bipul Dhakal, Chairman of S.B Solutions signed the agreement on behalf of their respective organizations.
With the introduction of the Credit-X (Loan Automation System), banks will not only be able to replace the paper-dependent loan workflow entirely but will also able to mitigate the credit risks associated with loan clients by monitoring risk parameters within the system and help the bank to process the loan quickly.
The System is also capable to process the Collateral and Non-Collateral Base loans within the system. Loan Automation System is built on an internal ratings-based approach as per international standards.
Along with an objective assessment of a client which is primarily system-driven, and is a standardization of subjective parameters as well.
With this new system implementation, bank and end consumers can get benefits with an estimated more than 50% reduction in turnaround time of the loan processing and approval process.
Additionally, the bank is also introducing an Online Loan Eligibility service built by SB Solutions, which will enable the customers to avail of the Online Loan Eligibility Check and even apply for any loan product through an online portal offered by the bank.
MEGA Bank Ltd received the operating license from Nepal Rastra Bank to function as an “A” Class Commercial Bank. It has achieved the triumph to establish itself as a Strong & Reliable Bank in Nepal. Mega Bank has recently Acquired GandakiBikas Bank Ltd a “B” Class National Development Bank recently after the approval from Nepal Rastra Bank (NRB).
Mega Bank Ltd has a customer base of around over 8,00,000h and 180+ Branches spread all over the country.
S.B Solutions Pvt. Ltd has been recently Associated and Merged with Digi Hub Pvt. Ltd Group of Company, the Digi Hub is been promoted by (Non-Resident Nepali) NRN Group and has been working in the Fintech and Lending Digitization & Automation of banking products and processes with a wide selection of products like APIMS, One Link, Credit Automation as Credit-X, Online Loan Eligibility, Insta Loan, Payday Loan, Online Account Opening, Document Management System, Vendors Management System, Corporate Banking System to automate letter of credit and guarantees, Memo Management System, Budget Management System, and Mobile Application and so on.
Currently, over 40 Financials institutes and corporate houses have been using the systems built by SB Solutions Pvt. Ltd and Digi Hub Umbrella Group.