Paperless Contracts – The New Normal In The COVID World

NeSL Digital Document Execution

The coronavirus (COVID-19) pandemic has disrupted business processes and altered the way organisations interact with their customers. As work-from-home becomes the new norm and virtual meeting rooms the new office, organisations will increasingly embrace contactless processes that facilitate seamless business continuity without the need for any in-person customer meetings.

Taking cognizance of the severe financial burden on organisations due to the current COVID-19 lockdown, the government has regularly introduced a slew of credit policy measures for distressed businesses, especially MSMEs. Amongst others, a key measure announced by the government yesterday (13th May 2020) is the introduction of automatic collateral-free loans for MSMEs.

As organisations line up for new business loans, Financial Institutions need to make sure that they process the loan applications in a quick turnaround time, minimal paperwork and without the need to physically meet the loan applicants.

Welcome to paperless contracting – the new normal in the COVID-19 world of business.

Introducing Digital Document Execution (DDE) from NeSL

DDE is a robust, fully automated digital contract execution platform from National E-Governance Services Ltd. (NeSL) – India’s first Information Utility (IU) registered with the Insolvency and Bankruptcy Board of India (IBBI).

As an advanced paperless contracting solution, DDE digitizes the end-to-end loan process and helps Financial Institutions instantly execute digital contracts within a short span of time and at significantly lower administrative costs.

Notable Features

1. Fastest Turnaround Time

Loan disbursement turnaround time reduced from a manual driven process of 15 days to a mere 7 minutes!

2. Integrated e-Stamping

Online & real-time generation of stamp duty certificate inscribed with a unique stamp duty number from Stockholding Corporation of India Ltd. (SHCIL) or the State Inspector General of Registration (IGR).

3. Inbuilt e-Sign Facility

Facilitates Aadhaar-based e-Sign services for instant execution of various legal documents.

4. Easy Integration

Robust APIs ensure easy integration with lenders’ existing online loan systems.

5. Fully Secure & Legally Admissible

A legal process validation from NeSL IU, electronic stamping within NeSL’s web environment, and anytime verification of contract details on SHCIL/IGR websites, makes the digital contracts tamperproof and non-repudiable. Furthermore, Financial Institutions can quickly download the contract along with a section 65B certificate from NeSL IU.

For more information, please click here or email us at support@nesl.co.in.

Regards

Team NeSL.