Nucleus Software lends cloud solution to Essel Home Loans » Banking Technology

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India-based Essel Home Loans, a new housing finance subsidiary of Essel Finance, has opted for Nucleus Software’s FinnOne Neo Cloud for digitisation of its loan lifecycle.

According to Nucleus, Essel Home Loans is keen to capitalise on the Government of India initiatives such as Pradhan Mantri Awas Yojana (PMAY) – which is designed to build more than 20 million homes by 2022. Essel wants to tap into that affordable housing market, for the “lower and middle income segments” in India.

Amitabh Chaturvedi, MD of Essel Finance, says FinnOne Neo Cloud offers “optimised processes, improved operational efficiency” and means it can “make high quality credit decisions much faster”.

There isn’t much more to add unless you want me to repeat the above using different words.

Not bad

Last year wasn’t too shabby for Nucleus.

India’s Five-Star Business Finance chose FinnOne Neo for the modernisation of its lending operations.

Nucleus’ consolidated revenue moved up for the second quarter of FY 2017 – standing at IND 956 million ($14.8 million) compared to IND 847 million ($12.6 million) in Q2 of the previous year.

While over in Australia, Nucleus released its mobile loan self-sourcing solution – mApply. The firm says mApply helps banks digitise their loan origination lifecycle.