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Mahindra Finance partners with CRIF to expand credit access across India

Mahindra & Mahindra Financial Services (Mahindra Finance), part of the Mahindra Group, announced that it has partnered with CRIF Solutions Private Limited (CRIF) to offer a seamless on-boarding experience for customers seeking loans.

According to a release from the company, Mahindra Finance would use CRIF’s StrategyOne, an enterprise business rules engine with a Forrester rating, to connect its client acquisition channels across several retail asset product lines. In addition, by combining automation and risk analysis, this association is expected to facilitate quicker loan approval decisions.

“Delivering consistent and convenient customer experiences is an all-important success metric for us at Mahindra Finance. This digital solution is a natural fit which will further improve our on-boarding experience levels for customers at the dealer channel, branch as well as the mobile/web digital channels created for customers. We are happy to partner with CRIF and their relevant product lines in this initiative,” Ramesh Iyer, VC&MD, Mahindra Finance, said.

The COO of Mahindra Finance, Raul Rebello, claims that this rule engine platform solution would ensure that the customer information we capture and consume in conjunction with bureau information in our AI-based scorecards consistently complies with our underwriting guidelines.

“This entire solution, being a cloud-based offering, will result in quicker approvals across both in-person and online channels. Holistic and extensive engagement with credit bureaus is a key agenda as we progress on our path towards a high AUM growth,” Rebello added

Wilfred Sigler, Senior Director, Market Development & Digital Solutions, CRIF India, said, “We are excited about our partnership with Mahindra Finance as we share a common goal of broadening credit access across India. Through the platform, we aim to enable the company to further expand its coverage of loans and offer a convenient and hassle-free on-boarding experience. It will help expedite the loan journey, thereby benefiting the company and `borrowers-at-large”.

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