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IBS Journal July 2018


An in-depth understanding of this market segment and effective use of technology are our key differentiators that allow us to operate profitably in a space that is not being served by any bank or NBFC





1 UnifiedCustomeron-boardingandLOSApp – A single mobile app serves as a portal for both dealers as well as field agents. Dealers can log in and use the app for lead generation, inventory management, loan origination and customer onboarding. Field agents can use the app to capture customer information, questionnaire and vehicle inspection.


2 LoanManagement System(LMS) – Handles the back-end processes and runs on PCs


3 CollectionsApp – This app helps field agents manage collections


The workflow starts with the dealer entering a customer lead on the WheelsEMI dealer mobile app. The customer details are entered, and certain finance schemes are offered on the spot. If the customer has a valid credit score, the process moves to the tele-PD stage, after which a loan is sanctioned. At the same time, the lead is passed to the vehicle inspector’s mobile app, which allows the inspector to take pictures and provide the valuation of the vehicle. Once the loan is sanctioned, the forms are filled and documents are collected. This information is shared with the back office, where the loan officer processes the disbursement to the central operations team, which in turn shares the same with the finance department, which disburses the loan. The entire process can be completed in about 30 minutes. The entire process is paperless and is executed on a mobile app. The complete workflow requires all the components to work cohesively in real-time and integrate with external agencies such as Equifax for Bureau Score, NSDL for PAN verification, banks like HDFC and ICICI for disbursement and repayment, and so on. About 30% of the total loans are sanctioned with this process.


However, in the remaining cases where the person’s credit history is unavailable or unreliable, WheelsEMI has devised non-conventional credit checks that rely on information captured by field agents via a questionnaire that captures the customer’s financial, behavioural, social as well as psychometric information. In such cases, if the loan is approved, the disbursal could take up to one day.


Nelito was able to design and go live with FinCRAFT™ ILMS in nine months. The implementation was started in April 2017, and the modules were released in phases. The goal of the first release was to deliver a stable system, and it was delivered in August 2017. The second release aimed at introducing improvements and was delivered in November 2017. Nelito is working closely with WheelsEMI to add new features and is releasing builds as frequently as one per week. There are two teams with a total headcount of 18-20 from Nelito that are working with WheelsEMI for development and support respectively, while there are 10-12 employees from WheelsEMI.


Srinivas Kantheti, WheelsEMI co-founder and managing director


The future releases are expected to automate the underwriting process using proprietary rule engine and using of analytics to enhance collection capability.


Key advantages


1. This was a first-of-its-kind implementation for Nelito, and showcases its ability to deliver a highly customised, automated solution, in spite of the complex integrations and workflows required to align with the business model of WheelsEMI.


2. FinCRAFT™ ILMS is a scalable and highly customisable system, which will enable Nelito to offer similar highly automated solutions to other NBFCs operating in the lending space, with relatively less incremental effort using their experience from the WheelsEMI implementation.


Key challenges


1. Since WheelsEMI is a first mover in its segment, there were a lot of challenges both in terms of business model, as well as the system requirements that could not have been foreseen, which resulted in re-work and was managed well because of Fincraft’s layered architecture.


2. Nearly 70% of the customers of WheelsEMI have no or unreliable banking records, making it challenging to underwrite loans for them. WheelsEMI had to develop proprietary, unconventional methods to determine credit-worthiness for these customers.


KEY FACTS Financial institution: WheelsEMI Headquarters: Pune, India Supplier: Nelito Systems Solution implemented: FinCRAFT Modules: End-to-end Lending management system Timeline: Seven months


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