CXOToday conducted an exclusive interview with Pramod Kathuria, CEO of mortgage marketplace Easiloan (www.easiloan.com).
What was the impetus for founding Easiloan and how did you realise the need for a digital mortgage marketplace in India?
In today's world, customers want transparency and comprehensive information on their preferred medium so they can make an informed choice. There is a high degree of democratization and multiple platforms, both online and offline, available for various financial products such as investments (mutual funds, stocks), UPI, credit cards, personal loans, insurance products, etc., which customers can easily compare and shop for. However, when it comes to home loans, there was no platform available that would enable customers to review the information on various options and make a decision by selecting the most suitable one. This gap can be attributed to factors such as regulations, complexity of the application process, and related documentation.
Having worked in the mortgage finance sector, I understand the situation and the need for an integrated digital platform to address these issues. The idea was further inspired by my personal experience of struggling to get buyers to complete the mortgage process while trying to sell a property during the pandemic. It was clear to me that there could be no better time to solve this problem than during the pandemic when the need for digital alternatives was at its highest. With this realization, we launched Easiloan with the aim of simplifying and streamlining the mortgage process for all involved.
How is Easiloan streamlining the mortgage process through digitization and improving the experience for homebuyers and lenders?
Easiloan is a digital marketplace for home loans, designed to cater to the diverse needs of customer profiles, documentation and the range of options offered by banks and housing finance companies (HFCs). We believe that home loans require a focused and unique approach and our platform is built to deliver exactly that.
On the supply side, we have partnered with over 20 lenders including public and private banks and HFCs who offer loans through our platform. On the demand side, we generate customer leads from real estate developers, brokers and digital marketing activities.
The Easiloan platform provides customers with an integrated journey to compare and select options tailored to their profile and requirements through an AI-based matchmaking loan profiling engine. By completing their application on Easiloan, customers can digitally submit all required documents and receive approval advice. This streamlined process not only simplifies the mortgage journey for buyers, but also increases efficiency and effectiveness for lenders, creating a seamless and improved experience for all involved.
Considering the importance of a financial investment like buying a home, how does Easiloan ensure user trust and transparency throughout the entire mortgage journey?
The Easiloan platform offers a choice of multiple lenders and provides options to customers based on their profile, requirements and suitability. The entire loan application process is transparent and follows a certified process, leaving customers well-informed and in control.
Customers can compare various aspects such as fees, interest rates (ROI), term length etc. to make an informed decision based on what best suits their needs. Importantly, Easiloan as a platform does not force customers to choose a particular offer. Instead, we provide all the information and tools you need to make the best choice for you.
By ensuring transparency and customer-centricity in the process, we build trust and confidence, making the big financial investment of buying a home an easier and more worry-free experience.
What challenges did you face while expanding Easiloan into new markets like Pune and Bangalore and how did you deal with them?
Every market has its own dynamics and way of doing business – we operate in Mumbai, Pune, Bangalore and this year NCR, Chennai, Hyderabad, Ahmedabad and Kolkata – and each of these markets has a particular approach on how developers and brokers introduce home loan clients.
“In the past, options were limited and procurement was often based on arrangements or established relationships with banks. Gaps in digital customer experience and expectations have long persisted in these markets. Our foundational offering addressed common digital gaps in the mortgage process, which smoothed adoption in new markets.”
To overcome challenges, we focused on nurturing new relationships and demonstrating the value of our services. Demonstrating the transparency, convenience, and efficiency of our platform ensured positive acceptance and a smooth transition in each new market. Our ability to maintain our core value proposition while addressing the specific needs of different geographies has been key to our successful expansion.
How is Easiloan leveraging AI and ML technologies to enhance its services and deliveries to customers?
Easiloan will leverage AI and ML technologies to significantly enhance its services and offerings, providing a seamless and personalized experience to its customers.
Our AI-powered algorithms analyze customer data, demographics, requirements, and income to create detailed, personalized profiles. This segmentation allows us to offer targeted loan options, improving the overall customer experience. Machine Learning (ML) algorithms work with an advanced matchmaking engine that takes into account bank preferences, logic, and available data. The engine efficiently matches customers with the most suitable loan offers, streamlining the loan selection process and ensuring that customers receive options tailored to their specific needs.
Through these advanced technologies, Easiloan not only simplifies the mortgage process but also ensures that customers receive the most appropriate and beneficial options, enhancing the overall experience.
Can you elaborate on Easiloan’s credit engine criteria for assessing mortgage applications, how it differs from traditional methods and the benefits it offers to potential home buyers?
The Easiloan Credit Engine is based on an algorithm built on the bank’s credit guidelines that takes into account various aspects of the customer (age, income, debt, occupation, credit bureau score, nature of assets). It allows a deep understanding of the different components and customization to any bank, product or customer profile. There are several benefits for customers and banks: For the customer – The Easiloan platform allows for instant digital onboarding with approval advice to check eligibility. Customers can submit documents digitally from the comfort of their own home, providing both convenience and comfort. For the bank, all customer applications are shared digitally, eliminating the risk of misplaced documents, human errors and delayed processing times (TAT). Thus, customers can conveniently choose the best option for them with less effort and in less time.
How do you plan to leverage the funding from Tomorrow Capital and Housing.com to expand Easiloan's presence in other cities in India and what milestones do you hope to achieve in the near future?
We are looking to leverage these funds in three ways: Expansion to New Markets – We are looking to establish our presence in promising new mortgage markets across India. This includes launching operations in additional cities with high growth potential to reach a wider customer base and serve more homebuyers. Strengthening Sourcing and Servicing Channels – We are adding new sourcing and servicing channels for homebuyers in both primary and secondary markets. This includes building partnerships with real estate developers, brokers, and retail customer channels in all these markets. Building Technology and CRM – To better serve our customers across new markets and channels, we are investing in advanced technology and customer relationship management (CRM) systems. This will improve our ability to efficiently manage customer relationships, provide personalized service, and maintain high levels of customer satisfaction.
Collaboration with major banks and mortgage lenders is crucial – how does Easiloan maintain these partnerships and how does it benefit both Easiloan and its users?
Partnerships with leading banks and mortgage finance companies are essential to provide meaningful services to loan prospects. Easiloan has partnerships with over 20 banks and mortgage finance companies (HFCs) that are regularly reviewed to ensure the highest standards of service. We maintain these partnerships through regular reviews and process building, product training and development, digital integration and automation, and ongoing engagement. These partnership efforts enable Easiloan users to improve customer experience, improve efficiency and turnaround time (TAT), minimize risk of errors, and make the loan application process faster and more reliable. Additionally, it helps grow your business by reaching a larger customer base and offering more competitive loan products and better service.