A bazar to get loans for used automobiles

Droom has launched India’s first marketplace to get auto loan for used automobiles. Droom Credit is an end-to-end online and fully automated credit marketplace to get loan approval in 30 seconds with its own proprietary credit risk engine, credit terms, paperless process, and fully automated work-flow management.

The platform aims to capitalise on its world-class technological and data science capabilities to make the loan assessment process fully dynamic, hassle-free, and paperless to facilitate near-instant loans from lenders to borrowers. As part of the initiative, Droom has on-boarded BFSIs comprising commercial banks, NBFCs, and other financial entities with its initial service rollout.

At the launch, Sandeep Aggarwal, Founder and CEO, Droom said, “Droom Credit is a 21st century way to borrow or lend for used automobiles. Getting auto loan for used vehicles in India has been full of pain points because, it takes forever, high rejection rate, lots of paperwork and unaffordable credit terms.

Hence, we wanted to make auto loan process very smooth, affordable, efficient and paperless. The centre of Droom Credit is a proprietary credit risk engine combined with OBV, Eco, History, Seller transaction history and buyer credit profile, we have built a highly advanced, completely paperless and instant decision marketplace. Because we have multiple lenders competing for the same business, the borrower can get credit terms that are not easy to find or possible in tradition system.”

Droom Credit will also unveil a borrower management platform, digital lockers for all documents, a billing and payments management platform, a review and ratings system, and an order management platform. It will initially cater to automobile loans including used and new vehicles with a vision of becoming India’s most comprehensive, unbiased and independent way of acquiring instant loans.