The rise of non-banking financial companies (NBFCs) in India can be attributed to their impressive credit appraisal systems and inefficient conventional banking sector.
With an impressive CAGR of around 18.7% between 2005-2006 and 2019-2020, NBFCs are among the fastest-growing sub-sectors of the Indian financial system.
The growing adoption of NBFC platforms indicates a paradigm shift toward digital solutions within finance and a push for improved compliance and risk management.
However, to digitise your NBFC operations and reduce overhead, it’s crucial to understand the NBFC software pricing and factors that influence the cost.
This article examines the NBFC software pricing structure and the different factors that impact costing.
What is NBFC Software?
An NBFC software is a digital tool that streamlines the entire lending lifecycle, offering valuable insights, including a borrower’s creditworthiness, credit risk assessment, and compliance tracking.
From end-to-end loan management and risk management to providing a transparent and better customer experience, NBFC software solutions have emerged as a game-changer for the microfinance business community in India.
Who Uses NBFC Software?
As the name suggests, NBFC software is primarily designed for NBFCs to help them manage credit appraisals, organise documentation, and stay on top of lines of credit.
It eliminates the need for mundane paperwork and plays a key role in boosting efficiency levels across different aspects of the lending cycle.
Factors that Influence the NBFC Software Pricing
The NBFC software pricing typically depends on several factors, including the number of features, modules, scope of work, and number of integrations.
Here are some of the top factors:
1. Features
The NBFC software pricing largely depends on the type and number of features selected. For instance, the costs tend to shoot up if you purchase premium features, including advanced analytics and automation, apart from the standard list of features available for every module.
Additionally, customising your NBFC solution by adding or deleting features may also incur extra costs since customisation requires additional testing and development.
Some of the common features in NBFC software include:
- Loan payment
- Monthly statement
- Late fee calculation
- Installment deposit
- Upcoming installments
- Loan management
- Reporting
2. Integrations
The number of integrations may also influence the overall price of the NBFC software.
While the standard integrations are usually affordable, customised or “made-to-order” integrations may stretch your budget due to the complexities involved during the development phase.
3. Licensing
Licensing is another major factor influencing the costs of an NBFC software solution. While a perpetual license has a higher upfront cost, the one-time payment provides lifetime access to the solution.
On the other hand, subscription-based, pay-per-use, and pay-as-you-go licenses offer much flexibility. They are well-suited for financial institutions that require only specific modules of NBFC software.
4. Support
Apart from the factors above, the degree of support and maintenance required also determines the price of the NBFC software.
For instance, 24/7 assistance via phone, email, and other channels is typically more expensive than other support tiers that only provide limited support during business hours.
NBFC Software Pricing Plans: An Overview
Here are some of the most popular NBFC pricing tiers and plans you can choose from:
1. Free Trial
The free trial allows potential users to use the NBFC tool for a limited period, typically between 7-14 days and explore the different features. This allows NBFC businesses to determine whether the tool meets their requirements by testing the core features and exploring different modules.
In short, a free trial enables them to make informed decisions and identify whether the tool aligns with their lending operations and workflows.
2. Pay-per-use
The pay-per-use structure is common in the NBFC software pricing plans. It allows NBFCs to only pay for the features they use.
This pricing structure offers flexibility, particularly for small and mid-sized NBFCs who do not necessarily require all the features or modules available, optimising costs.
3. Pay-as-you-go
The pay-as-you-go NBFC software pricing model, as the name suggests, allows NBFCs to pay as per their usage instead of paying for the entire package. It is ideal for NBFCs who have just started or experience uncertain demand.
Apart from being a cost-effective alternative, the pay-as-you-go offers great flexibility, simplifying expense management while using the NBFC software.
Final Words
The price of NBFC software depends on several moving parts, including the features, integrations, and support. At present, NBFC software providers are primarily focused on creating modular or customisable solutions.
Precisa offers a modern and advanced NBFC software solution catering to the requirements of all types of NBFCs. Powered by intelligent automation features, the software aims to simplify financial data analysis and present data in an appealing real-time dashboard.
The best part is that Precisa NBFC software pricing plans cater to different user needs, from individual users with basic requirements to larger organisations needing extensive access and features.
The platform offers different plans, such as:
- Free Trial
- Pay-Per-Use
- Pay-As-You-Go
- Precisa Custom plan
Sign up today!
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