HyperVerge launches AI in Mumbai to speed business loan approvals
HyperVerge just rolled out new AI tools at the Global Fintech Fest in Mumbai, aiming to make business loan approvals much quicker.
The tech scans financial documents and does background checks, so what used to take hours can now be done in minutes.
CEO Kedar Kulkarni summed it up: "A process that now takes three hours can be presented on a single screen with a green, amber or red assessment."
Mid-sized lenders cut reviews to minutes
10 mid-sized lenders have already tried out HyperVerge's AI, cutting review times from two or three hours to five minutes and credit memos from 4 hours to under 10 minutes.
Big names like Cholamandalam Investment and Finance Company and L&T Finance are on board too.
Loan approvals that took a week are now working toward same-day decisions or reducing seven-day cases to two days.
This also could make smaller loans viable, making it easier for small businesses to get the funds they need.