Reported by Sandeep Sharma
Guwahati: North Eastern Development Finance Corporation Ltd. (NEDFi) has partnered with Veefin Solutions Limited to roll out a comprehensive digital lending ecosystem aimed at expanding credit access across the Northeast.
Under the multi-year agreement, Veefin will implement a cloud-based digital platform for NEDFi, comprising a Loan Origination System (LOS), Loan Management System (LMS) and Loan Collection System (LCS). The project will also include mobile applications for sales and collection teams, along with a customer portal to enable end-to-end digital lending services.
The platform will be integrated with credit bureaus, banking application programming interfaces (APIs) and other external systems to streamline lending operations and improve efficiency.
NEDFi Chairman and Managing Director PVSLN Murty said the digital platform, expected to be fully operational in the coming months, would help the corporation extend financial services to entrepreneurs in remote parts of the Northeast through technology-driven solutions.
He said small borrowers in unserved and underserved regions would benefit significantly, as loan applications could be made through mobile devices, while existing customers would be able to access account information digitally. The system would also support expansion of financial products, including working capital revolving loans.
NEDFi Executive Director Lemli Loyi said Veefin was selected through a detailed RFP-based process and that its solutions aligned with the corporation’s digital transformation goals.
He said the partnership would help modernise lending processes and bring advanced financial services closer to customers in the region.
Veefin Solutions Chairman and Managing Director Raja Debnath said the collaboration marked a strategically important partnership, noting that the Northeast remained a key focus area for expanding credit access through technology-led solutions.
As per the agreement, the platform will also support mobile applications for employees, business correspondents and customers, with an emphasis on last-mile credit delivery across the region.
The system will comply with Reserve Bank of India guidelines on IT governance and outsourcing and will feature end-to-end encryption and real-time security monitoring.
Headquartered in Guwahati, NEDFi provides financial assistance to MSMEs, startups and enterprises across the eight northeastern states in sectors such as healthcare, tourism, food processing, education, IT-enabled services, steel, cement and construction materials. Veefin Solutions, based in Mumbai, offers digital lending and supply chain finance solutions to financial institutions in India and overseas.