Public sector lenders including the State Bank of India will jointly set up a unified cloud-based digital platform to connect with fintech companies and source loans through them on a revenue-sharing basis, said people with knowledge of the matter.
Under the model, fintech companies will conduct all preliminary credit checks through a third-party application platform interface (API) and account aggregators. They will then upload the completed loan application onto this digital platform. Individual banks can access these loan requests and fund them based on their internal credit risk parameters, sharing a commission or fee with the originating fintech company.
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