Process ensures that you receive the financial support
At UFS Digital Empowerment Foundation (UFS-DEF), the process starts with a simple and user-friendly online application or a visit to our local offices, where you provide the necessary information and documentation. Our team then reviews your application to determine eligibility based on factors such as credit history, income level, and loan purpose, ensuring transparency throughout. Once approved, we work with you to finalize the loan terms, including the amount, interest rates, and repayment schedule. The loan amount is promptly disbursed to your account, allowing you to use the funds for your specified needs. Repayments are made according to the agreed schedule, with flexible options for monthly, quarterly, or other plans, through various channels like online transfers, direct debits, or at partnering financial institutions. Throughout the loan period, we provide continuous support and guidance, offering assistance and possible adjustments to your repayment plan if needed, ensuring a transparent, efficient, and supportive experience.
Standard Operating Procedure for the Digital Credit Flow
01
Collect KYC details and key client information through a mobile app.
02
Foundation integrates with Credit Bureau for instant mobile app credit report checks.
03
Borrowers passing CB check receive training on Loan Policy and Products.
Loan Approval and Sanctioning
After the borrower's CO fills out the online form, E-Sign is used to authenticate the information.
Area Manager conducts client assessment and verification per the credit decisioning framework.
Application Review and Credit Underwriting is done at the backend under digital credit decisioning framework by the Credit Manager.
Approval or Rejection of any loan will be done within the Credit Decisioning Engine
Applications approved will be disbursed
Loan Utilization Purpose Verification Process
01
Post disbursement loan utilization check is conducted infield within 30 days of disbursement
02
Center Office and Audit department conducts LUC in field to ensure utilization in business activity
03
Team ensure the purpose of utilization matches the loan purpose mentioned in Loan application form
Collections
Borrowers have the convenience of paying their EMIs using QR codes or through UPI payments. The loan account number functions as a virtual account. Additionally, foundations establish ECS mandates during online application submissions, ensuring automatic EMI deductions on scheduled dates.
Borrowers can pay thier EMI via QR code or through UPI Payment (The loan account no. will be a virtual account no.)
Foundations create ECS mandate at the time of online application submission where on schedule date EMI will be deducted