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CASE STUDY
WheelsEMI implements Nelito Systems’ FinCRAFT™ Integrated Lending Management Solution
Pune, India W
heelsEMI is a Non-Banking Financial Company (NBFC) headquartered in Pune, India. The NBFC specialises in a very niche segment – financing of
pre-owned two-wheelers. Founded by four veterans from the lending industry who identified that the pre-owned two-wheeler finance space is completely unorganised, the team decided to address the gap by leveraging technology.
The key target segment of WheelsEMI consists of used two- wheeler buyers, who are not served by banks. These customers typically have poor or no credit history. As a market with high costs and a low ticket size averaging R35,000, the key to profitability was extensive and efficient use of technology to reduce costs and automate complicated workflows. Since WheelsEMI was the first NBFC to serve this market at scale, there were no existing solutions they could leverage for their business model. They were looking for a vendor who had the capability to build a comprehensive solution from scratch, was ready to understand their product, and was comfortable dealing with a dynamic scope as their business model was still evolving. As
Nelito has been in the industry for two decades, the founders were confident that Nelito would be able to deliver based on its past experience in the domain.
Founded in 1995, Nelito Systems Ltd. provides software technology solutions and services for banking, financial services, micro-finance and government verticals globally. While Nelito is primarily bank-focused, in response to increasing demand from the NBFC sector, the firm has developed a lending solution called FinCRAFT™ Integrated Lending Management Solution (ILMS), designed specifically for NBFCs, built from its existing Loan Management System.
Nelito has been working with WheelsEMI since launch, and the requirements of WheelsEMI were quite complex. Since its success depended on ease of usage, minimal capture of information and maximum flexibility, its business model was designed such that it can operate completely branchless. FinCRAFT™ ILMS was customised significantly based on the requirements of WheelsEMI. The system consists of three components:
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