Streamlining Education Loan Operations in India
The process of sanctioning education loans faced significant challenges, particularly in delivering timely in-principal loan approvals. Manual interpretation of documents and a lengthy processing time of seven days hindered the loan approval process, potentially causing students to seek loans from other providers. By implementing Intelligent Document Processing (IDP) and digitalizing the process, credit specialists could efficiently extract relevant information from various documents, and process and analyze the application. This cost-effective solution enabled scalability and reduced turnaround time by 85%.