Industry

NBFC

Use Case

Personal Loan Documentation

Business Loan Documentation

Features Used

Automated Workflows

Aadhaar eSign

BharatStamp

Face Capture

“My field force can be so much more productive because now their job is simply getting in customers into the funnel and probably calling up the customer and saying that "boss, please, I have sent you the link sign it". Earlier on, these guys literally had to be on the streets, not only bringing in customers, but getting all this documentation executed”
Sahil Lakshmanan
Chief Business Officer @ Dhanvarsha Finvest
Dhanvarsha Finvest Limited is a listed NBFC which aims at providing timely, affordable and sustainable access to credit to India’s large underbanked MSME segment.

It’s core mission is to help build social capital for the MSME segment in India.

It is a multi-channel, multi-product NBFC. Beyond unsecured business loans, it also provides loans against property, gold loans and personal loans for MSMEs and their workers.

The Paper Challenge

Dhanvarsha used to operate on a “feet-on-the-street” agent led model. Dhanvarsha’s agents would visit borrowers at their premises in order to process and get paperwork signed physically.

After this paperwork was signed by the customer, agents would need to process, verify and store the agreements safely.

This physical agreement process created huge problems for Dhanvarsha
  • High turn-around times for paperwork
  • Collecting physical signatures from customers was a logistical nightmare for their ops team
  • Physical Stamp procurement and reconciliation required a lot of effort

“So if I were to just talk about the documentation leg of it, which happens post sanction and pre disbursement, that itself, used to take roughly about two to three days"
Sahil Lakshmanan
Chief Business Officer @ Dhanvarsha Finvest

Solution

Dhanvarsha Finvest worked with Leegality to build 100% digital workflows for their loan paperwork - for their personal loan product and their SME loan product.

Leegality helped Dhanvarsha Finvest create a Zero Paper loan agreement flow:

1. Customers receive pre-filled loan agreements on their phone via SMS/Email - eliminating the problem of travelling.

2. Customers can eSign the paperwork in less than a minute from anywhere and anytime

3. Customers and Dhanvarsha Finvest receive the final agreements within 15 seconds of signing

4. Agreement Kits and Audit Trails are securely stored instantly
“The turnaround time to disbursement is almost less than an hour after the sanction. Average document execution time has come down from two days to literally like an hour, plus, there are no errors”
Sahil Lakshmanan
Chief Business Officer @ Dhanvarsha Finvest

Business Impact

Dhanvarsha’s new Leegality-powered paperless document process has reduced TAT from 2+ days to an hour or less
Digital document execution liberated Dhanvarsha’s sales teams from paperwork - enabling them to meet HIGHER monthly targets
The process is legally secure
The identity of borrower is verified
“Average productivity of an agent used to be, I would say about 20 odd lakhs a month, in terms of disbursement. Those same guys are now closing the month at about between 25 and 30 lakhs. I can see the boost in  the funnel because of something like this being introduced. This has massively boosted the overall number that an agent is giving in a month.”
Sahil Lakshmanan
Chief Business Officer @ Dhanvarsha Finvest

Read our full interview with Dhanvarsha Finvest’s Chief Business Officer

Download the Case Study

An interview with Dhanvarsha Finvest’s Chief Business Officer:

- How digital documentation has helped Dhanvarsha Finvest increase revenue

- How Dhanvarsha Finvest is using specific Leegality Features

- How digital document execution has transformed the customer experience

- Why Dhanvarsha Finvest paid more for Leegality over a cheaper partner

Download

How digitizing loan paperwork helped Dhanvarsha increase monthly revenue

Sahil Lakshmanan
Chief Business Officer @ Dhanvarsha Finvest

“My field force can be so much more productive because now their job is simply getting in customers into the funnel and probably calling up the customer and saying that "boss, please, I have sent you the link sign it". Earlier on, these guys literally had to be on the streets, not only bringing in customers, but getting all this documentation executed”

Dhanvarsha Finvest is a multi-channel, multi-product NBFC. Beyond unsecured business loans, it also provides loans against property, gold loans and personal loans for MSMEs and their workers.

The Paper Challenge

Delay

“Firstly, there's a delay in getting those documents to the borrower, getting those documents signed by the borrower and bringing them back to your back office.”
“If I were to just talk about the documentation leg of it, which happens post sanction and pre disbursement, that itself, used to take roughly about two to three days”

Mistakes

“When you have a loan agreement, which is five or six pages long [which]  people are signing, signatures get missed out, then, you know, it just worsens the customer experience and their turnaround time. And you have to go back to the customer and ask them for one signature on a piece of paper.”

Sahil Lakshmanan

Chief Business Officer @ Dhanvarsha Finvest

The Leegality Solution

“The turnaround time to disbursement is almost less than an hour after the sanction. Average document execution time has come down from two days to literally like an hour, plus, there are no errors”

“Average productivity of an agent used to be, I would say about 20 odd lakhs a month, in terms of disbursement. Those same guys are now closing the month at about between 25 and 30 lakhs. I can see the boost in the funnel because of something like this being introduced.”

Sahil Lakshmanan

Chief Business Officer @ Dhanvarsha Finvest

Download Complete Dhanvarsha Case Study

An interview with Dhanvarsha Finvest’s Chief Business Officer:

  • How digital documentation has helped Dhanvarsha Finvest increase revenue
  • How Dhanvarsha Finvest is using specific Leegality Features
  • How digital document execution has transformed the customer experience
  • Why Dhanvarsha Finvest paid more for Leegality over a cheaper partner

Download Full Case Study

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