Process ensures that you receive the financial support

How It Works

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.

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Standard Operating Procedure for the Digital Credit Flow

Digital Credit Flow SOP

01

App-Based KYC Collection

Collect KYC details and key client information through a mobile app.

02

Instant Credit Check

Foundation integrates with Credit Bureau for instant mobile app credit report checks.

03

Borrower Policy Training

Borrowers passing CB check receive training on Loan Policy and Products.

Loan Approval and Sanctioning

Root Level Intervention

Step 1: Verification

After the borrower's CO fills out the online form, E-Sign is used to authenticate the information.

Step 2: Assessment

Area Manager conducts client assessment and verification per the credit decisioning framework.

Step 3: Underwriting

Application Review and Credit Underwriting is done at the backend under digital credit decisioning framework by the Credit Manager.

Step 4: Adjudication

Approval or Rejection of any loan will be done within the Credit Decisioning Engine

Step 5: Disbursement

Applications approved will be disbursed

Loan Utilization Purpose Verification Process

Loan Utilization Check

01

Utilization Audit

Post disbursement loan utilization check is conducted infield within 30 days of disbursement

02

Field Utilization Audit

Center Office and Audit department conducts LUC in field to ensure utilization in business activity

03

Verification Alignment

Team ensure the purpose of utilization matches the loan purpose mentioned in Loan application form

Collections

Collections from Borrowers

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.

EMI Payment via QR or UPI

Borrowers can pay thier EMI via QR code or through UPI Payment (The loan account no. will be a virtual account no.)

Automated EMI Deduction Setup

Foundations create ECS mandate at the time of online application submission where on schedule date EMI will be deducted