Jana Small Finance Bank Launches Digital Used Car Loan Platform with Hotfoot Technologies

Jana Small Finance Bank has launched a new digital platform for used car loan origination, developed in partnership with Hotfoot Technology Solutions. The system, built on Hotfoot's Rapid.ai LOS Platform, aims to streamline the loan application and approval process for pre-owned vehicle financing.

The platform digitizes the entire loan origination workflow, connecting all stakeholders through a unified system. It automates several key processes including valuation, documentation, collateral creation, and post-disbursement management. The system incorporates Hotfoot's WiseEngine Business Rule Engine and integrates with 50 ecosystem partners to automate decision-making and implement risk validation protocols throughout the loan lifecycle.

The implementation was completed in 12 weeks from project initiation to launch. According to the bank, the platform supports both fully automated and assisted customer journeys, addressing various customer service scenarios.

Ashish Saxena, Chief Information and Digital Officer at Jana Small Finance Bank, stated that the platform aligns with the bank's objective to expand credit access for families and small businesses. He emphasized the system's flexibility and scalability in adapting to changing customer requirements.

Vivek Naidu, Founder and CEO of Hotfoot Technologies, noted the growing demand for digital solutions in the used car financing sector. He highlighted the platform's focus on processing speed, transparency, and regulatory compliance.

Jana Small Finance Bank, established as a scheduled commercial bank in March 2018, ranks as the fourth-largest small finance bank in India. The institution serves 12 million customers through 809 branches across 23 states and two union territories. The bank's lending portfolio is predominantly secured, with over 70% backed by mortgages. Jana SFB evolved from its origins as an NBFC-MFI and has been in the lending business for more than 17 years.

Hotfoot Technology Solutions specializes in loan origination systems and provides digital lending infrastructure to financial institutions.