Inspiration
The loan process is opaque and lengthy. Students face multiple roadblocks in the entire loan application process from start to finish. There are several physical visits, document submissions, hidden charges, and formalities that delay the decision. And since, as mentioned in the above point, there is no standardization in the loan products and process, it also impacts the decision taken on the application. The decision on the same loan application might vary from city to city, branch to branch.
The only possible way to overcome this is to standardize the product and the process so that the decision made is objectively based on concrete calculations.
What it does
Our website will enable students to get access to Education Loans from Central Government as well as eligible State Government. They can easily verify their institutes using Institute E-mail ID. The complete process from acquiring loan to loan repayment can be completed and traced down at one place.
No more loan defaulters. Banks can easily trace students for loan repayment by the automated address update system which will use student's current gps location to update the address.
How we built it
The website is designed with the sole purpose of providing a very user-friendly interface to its clients. We have taken special care about security implementation so there is no chance of data breach.
We will use node.js for backend, MongoDB for database, tailwind and other css framework for frontend.
Challenges we ran into
We have to figure out a way to implement a system for loan default prediction.
Accomplishments that we're proud of
We are proud of coming up with a solution that is standardizing student loan procedure and solving problem of a very large audience.
Log in or sign up for Devpost to join the conversation.