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Local Languages
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Key Resources:
About the Feature
Recently, RBI slapped a hefty penalty on a major NBFC because they didn’t offer their digital paperwork in local languages as prescribed in RBI’s Fair Practice Code.
According to the Code, NBFCs must ensure their loan application process is available in vernacular languages. This includes:
- All communications to the borrower
- Loan agreement with loan amount sanctioned, terms & conditions, annualised rate of interest, method of application, etc.
- Loan documentation kit with DPN, insurance documents, facility agreement, mortgage deed, etc.
This aims to ensure that the customer has crystal clarity into the process and terms of the loan they are availing.
In digital flows, this process includes various actions they take to eSign a document - including the eSign invite they receive, steps involved in document execution, eSigning, and more.
Local Languages are used by NBFCs, MFIs, and other lenders offering services in smaller towns and cities.
- Ensure compliance with RBI Fair Practice Code & avoid hefty penalties
- Ensure customers are comfortable with digital documentation & eSigning
- Save time that your branch/field officers spend on explaining instructions
- Reduce on-ground reluctance to adopt digital documentation processes
NBFCs and MFIs can offer their entire digital lending flow in a local language, including:
- eSign interface
- eSign instructions
- Loan documentation kit including loan agreement and KFS
- All notifications and communications to the signer
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