Newgen Software Technologies (UK) Ltd, a global provider of low code digital automation platform, announced that it has launched an SME lending software to help financial institutions in the UK -in promptly processing loans to small businesses under the Coronavirus Business Interruption Loan Scheme (CBILS) . The low code lending application can be deployed within hours for each financial institution.
CBILS has been announced by the government to provide financial support to small and medium enterprises (SMEs) across the UK that are adversely impacted due to the COVID-19 outbreak. The Newgen CBILS Quick Loans Onboarding Solution has been designed to help financial institutions in disbursing a large volume of loans to small businesses.
“Newgen’s lending software for CBILS enables financial institutions to help small businesses with their loan requirements quickly and efficiently. The software facilitates an end-to-end lending lifecycle, from providing borrowers the ability to fill their applications online, performing eligibility checks, integrating with third-party applications, through to originating and disbursing loans,” said Diwakar Nigam, MD and Chairman, Newgen Software.
The key benefits of Newgen’s lending software for CBILS include:
- Application intake from online portal and pdf forms
- Automated eligibility checks per CBILS requirements
- Batch import for manually processed loan applications
- Fast and easy onboarding
- Auto-calculation of the maximum loan amount
- Queue-based workflow with tracking and exception handling
- Cloud-based deployment
Newgen’s software facilitates the onboarding of all types of loans under CBILS – term loans, overdrafts, invoice finance, and asset finance.
