Category: E-Sign & E-Stamp

Franking documents has long been a cornerstone in the realm of legal and financial transactions, serving as a time-honored method of validating important papers. In this comprehensive blog post, we will explore the intricacies of franking, its various applications, and how it stands in comparison to e-stamping. Additionally, we will discuss its drawbacks and how Signzy’s eStamping API is modernizing the traditional franking process.

What is Franking?

Franking is a process of affixing a revenue stamp or seal to a document to indicate the payment of stamp duty. The practice has been around for many years and is often used in property transactions, lease agreements, and other high-value contracts.

When to Frank Documents?

Franking is generally necessary when creating legal documents that involve significant financial transactions. Before a document can be legally enforceable or admissible in court, it must be properly franked.

What are Franking Charges?

Franking charges are fees paid in addition to the stamp duty when using a franking machine to affix a stamp on a legal or financial document. These charges are essentially a kind of service fee for the franking service provided by authorized banks or franking agencies. The cost of franking charges can vary based on jurisdiction, the nature of the transaction, and sometimes even the total value of the stamp duty itself.

Franking charges are generally nominal but can add up for organizations that rely heavily on franked documents for their business transactions. It’s always advisable to inquire about the specific franking charges applicable to your transaction beforehand. These charges are usually separate from the stamp duty and are paid to the entity providing the franking service, not to the government.

It can vary between different states in India due to varying regulations and guidelines set by state governments. Here are hypothetical examples for four states, Maharashtra, Karnataka, Delhi & Tamil Nadu, to give you an idea of how franking charges might differ.

Maharashtra:

In Maharashtra, franking charges could be set at 0.1% of the transaction value for property transactions. So if you are buying a property worth ₹1 crore, you may have to pay franking charges of ₹10,000 in addition to the stamp duty. Note that there may be a cap on maximum franking charges, depending on the guidelines set by the state.

Karnataka:

In Karnataka, franking charges for the same kind of transaction could be at a fixed fee, say ₹500, regardless of the property value. This would make it more cost-effective for higher-value transactions compared to a percentage-based system.

These examples are hypothetical and not based on actual current rates. Always consult with your legal advisor and check the latest rates and regulations for the most accurate information.

By comparing the two, you can see that the method of calculating franking charges can be quite different, affecting the total cost of the transaction. Always make sure to check the latest regulations in your specific state to know what you will be required to pay.

Delhi:

In Delhi, the charges could be a flat fee of ₹100 for certain kinds of agreements, irrespective of the transaction value. This flat fee structure is easier to navigate and can be cost-effective for large transactions.

Tamil Nadu:

In Tamil Nadu, the charges might be calculated as a percentage of the transaction value, let’s say 0.2%. If you were entering into an agreement with a transaction value of ₹50 lakhs, the franking charges would be ₹10,000.

These are simplified examples intended to illustrate the differences in how franking charges can be calculated. Always consult with a legal advisor and check the latest rates and regulations for the most accurate and up-to-date information.

By comparing the above hypothetical examples, you can see that the method of calculating franking charges can be quite different, affecting the total cost of the transaction.

The Impact of Franking Charges on Overall Transaction Expenses

These charges are an essential part of various transactions like property purchase, business agreements, and legal contracts. Though usually a minor portion of the overall transaction value, they can still impact the total cost in several ways:

1. Direct Cost: The charges add to the overall cost of the transaction. Depending on the state’s regulations, these charges can either be a flat fee or a percentage of the transaction value.
2. Convenience Factor: It can simplify the payment of stamp duty, but you might need to physically visit a bank or authorized center for franking, incurring additional time and travel costs.
3. Compliance Costs: Failure to pay appropriate charges can result in penalties, adding further costs and complications to the transaction.
4. Variable Rates: If the charges are based on a percentage, fluctuations in transaction value will directly affect the overall cost.
5. Speed of Transaction: Depending on the jurisdiction, franking can be quicker than other methods like stamp papers, potentially speeding up transaction completion and reducing carrying costs.
6. Double Costs: In interstate transactions, both parties need to be aware of franking charges in both states. Inconsistencies in rates can cause one party to incur higher costs than anticipated.
7. Legal Certainty: Properly franked documents have strong legal validity, which can save money in the long run by providing clearer proof of the transaction, thus reducing the potential for legal disputes.

Franking vs Stamp Duty: Understanding the Distinctions

Stamp Duty and Franking Charges, while related, are distinct concepts in the realm of legal documentation. Stamp Duty is a tax levied by the government on various legal transactions to make them legally binding. It represents a percentage of the transaction value and can be paid through various modes such as adhesive stamps, e-stamps, or franking. On the other hand, FC refer to the fees paid to authorized banks or agents for stamping a document, indicating the payment of the requisite stamp duty. Essentially, while stamp duty is the actual tax, franking is one of the methods to pay and evidence that tax on the document.

A few other differences between the two are:

1. Scope:
   • Franking: Limited to being a procedure for confirming payment.
   • Stamp Duty: A broader term that includes various rates and rules depending on the type of transaction.
2. Beneficiary:
   • Franking: Benefits both parties in a transaction by providing proof of tax paid.
   • Stamp Duty: Benefits the government as a source of revenue.
3. Legal Requirement:
   • Franking: One of several ways to meet the legal obligation of paying stamp duty.
   • Stamp Duty: A mandatory tax required by law for certain documents.
4. Duration & Timing:
   • Franking: Has to be done before executing the document.
   • Stamp Duty: The obligation to pay exists as long as the relevant document needs to be legalized.
5. Evidence:
   • Franking: Acts as evidence that stamp duty has been paid.
   • Stamp Duty: Is a financial obligation, the proof of payment for which could be a franked stamp, an e-stamp, or a physical stamp paper.
6. Flexibility & Utility:
   • Franking: Once done, it’s difficult to change the franking amount & Specific to the document it is applied to
   • Stamp Duty: Depending on jurisdiction and transaction type, the amount could be subject to change or negotiation. Applicable to a variety of transactions, including property transfers, leases, and many others.

Difference Between Franking and E-Stamping

E-stamping and franking both serve the purpose of paying stamp duty, but they differ in terms of convenience, efficiency, and security. Here are some reasons why e-stamping may be considered better than franking:

1. Ease of Access: E-stamping can be done online, eliminating the need to visit a bank or any other authorized franking agent. This makes it more accessible and convenient.
2. Time-Saving: The e-stamping process is usually quicker. Once payment is made, the e-stamp certificate can be generated almost immediately, while franking may require you to wait or come back to collect the document.
3. Accuracy: E-stamps come with a unique identification number, making it easier to verify their authenticity. The chances of error or fraud are comparatively less than in franking.
4. Flexibility: E-stamping allows you to accurately input the exact amount of stamp duty, whereas with franking, you are often limited to denominations available, which might lead to payment of a slightly higher amount.
5. Storage and Retrieval: Digital records of e-stamps are easier to store, retrieve, and reproduce if the original document is lost or damaged. With franked documents, the loss of the original is a more significant issue.
6. Cost-Effectiveness: Although both methods entail similar costs in terms of the actual stamp duty, e-stamping can be more cost-effective when you factor in the convenience and time saved.
7. Security: E-stamping databases are securely maintained by government-appointed agencies, providing an additional layer of security.
8. Nationwide Validity: E-stamps have nationwide validity, making them universally acceptable, while franking might not be recognized everywhere, and policies can vary from state to state.

Signzy’s eStamping API Solution

Signzy’s cutting-edge eStamping API brings about a transformative shift in the way stamp duties are paid and documents are validated. By offering an integrated solution that can be seamlessly embedded into your existing platforms, we streamline the entire stamping process, making it more efficient, transparent, and accountable.

Key Features:

1. Real-Time Verification: Our API offers immediate validation of e-stamps, providing both parties with instant confirmation of a transaction’s authenticity. This is a quantum leap over traditional franking, which may require manual checks and extended verification periods.
2. Multi-State Compliance: Signzy’s eStamping API is programmed to adhere to the varying stamp duty laws and regulations across different Indian states. This ensures that your transactions are compliant no matter where they are initiated.
3. Secure Transactions: Enhanced with state-of-the-art security features, the eStamping API ensures that all transactions are encrypted and securely stored, thereby mitigating the risk of fraud or data breaches.
4. Scalability: Whether you’re a small enterprise or a large corporation, our API scales to meet your needs, allowing for high-volume transactions without compromising on speed or security.
5. API Integration: The API can be easily integrated into existing enterprise systems, CRM software, or any other platforms where transactions requiring stamp duties are performed, thereby offering a unified, streamlined experience.
6. Cost-Effectiveness: By cutting down on manual labor, printing costs, and time spent on traditional franking, Signzy’s eStamping API offers a cost-effective alternative that enhances operational efficiency.

Interested in simplifying your documenting process? Contact us today to learn how Signzy’s eStamping API can benefit your organization. 

To know more about Signzy’s eStamping API solution, click here

In today’s digital age, the way we handle documents has undergone a significant transformation. With the increasing adoption of digital tools and platforms, especially in legal and corporate environments, the methods of signing documents have evolved. Two of these modern signing methods, which are sometimes used interchangeably but are distinctly different, are the electronic signature (eSignature) and the digital signature.

What is an Electronic Signature (eSignature)?

An electronic signature, often known as an eSignature, is a broad category that includes any electronic process that indicates an acceptance of an agreement or a record. These can range from a scanned image of a physical signature, a typed name, to a click-to-accept checkbox on a terms of service page.

Benefits of eSignature:

1. Convenience: eSignatures offer the ability to sign documents from anywhere, at any time, and on any device, ensuring processes aren’t halted due to geographical constraints.
2. Speed: Accelerates the document signing process by eliminating the need for print, sign, scan, and send routines.
3. Reduced Costs: Saves on printing, paper, ink, mailing, and storage expenses.
4. Enhanced Experience: Provides an improved and modern user experience for both the sender and the recipient.
5. Environmental Friendly: Supports green initiatives by reducing the dependence on paper.

What is a Digital Signature?

Digital signatures are a subtype of electronic signatures. They offer a higher level of security and operate based on Public Key Infrastructure (PKI). Digital signatures use a certificate-based digital ID, which is issued by an accredited Certificate Authority. They not only verify the signer’s identity but also ensure that the document has not been altered since it was signed.

Benefits of Digital Signature:

1. Enhanced Security: Provides cryptographic proof of the signer’s identity and ensures data integrity.
2. Authentication: Validates the identity of the parties involved in the signing process.
3. Non-repudiation: It’s challenging for the signer to deny signing a document as it uniquely links the signature to the signer.
4. Data Integrity: Assures that the signed document has remained unchanged post-signing.
5. Legal Compliance: Meets strict legal and regulatory requirements in many countries, making it legally binding.

Why Choose One Over the Other?

The choice between eSignatures and digital signatures boils down to the specifics of the situation:

• Document Type & Sensitivity: For highly confidential documents where the stakes are high, such as legal contracts or official government documents, digital signatures’ added security layer is invaluable. However, for day-to-day documents or internal approvals, an eSignature might suffice.
• Industry Regulations: Industries like finance, healthcare, and real estate might have stringent regulations that mandate the use of digital signatures for certain transactions due to their higher authentication and non-repudiation properties.
• Global Transactions: Different countries have varied regulatory landscapes. For global businesses, understanding which type of electronic signature is legally accepted in a particular jurisdiction is crucial. Digital signatures, with their robust security protocols, are often universally recognized.

Cost Implications

Implementing digital signatures involves additional costs. Certificate Authorities (CAs) need to verify an individual’s identity before issuing a digital certificate, and this comes at a price. However, the investment might be justified by the reduced risk of forgery and the enhanced trustworthiness of documents.

Future Outlook

As cyber threats continue to evolve, the emphasis on secure digital transactions will only grow. While eSignatures offer a quick solution for many scenarios, the assurance and robustness provided by digital signatures will continue to be invaluable for high-stakes transactions and industries with stringent compliance requirements.

In Conclusion

While both electronic and digital signatures aim to speed up the process of signing and authenticating documents, their applications and levels of security vary. Electronic signatures are suitable for everyday use, where high-level security isn’t the primary concern. On the other hand, digital signatures are best for high-stakes transactions, legal documents, and where a strong, verifiable process is necessary.

Choosing between them depends on the specific needs, regulatory compliance requirements, and the level of assurance needed regarding the signer’s identity and the integrity of the information.

At Signzy, we’re dedicated to paving the way towards a more efficient, secure, and digital future! Contact us to book a demo! 

In the digital age, industries across the board are undergoing rapid transformations, and the insurance sector is no exception. One of the most significant advancements reshaping the insurance landscape is e-signature technology. As a thought leader in this space, I’ve observed firsthand the profound impact e-signatures have on streamlining operations, enhancing customer experiences, and ensuring compliance.

Let’s delve deeper into the myriad benefits e-signature technology brings to the insurance industry.

1. Streamlined Operations

Traditional insurance processes, laden with paperwork, are often cumbersome and time-consuming. E-signature technology eliminates the need for physical documentation, resulting in faster policy issuance, claims processing, and overall operational efficiency. Agents and brokers can close deals quicker, and customers can access their policies without the wait.

2. Enhanced Customer Experience

Today’s consumers demand convenience. With e-signatures, policyholders can sign documents from anywhere, anytime, using any device. This flexibility not only meets the expectations of the modern consumer but also fosters a positive brand perception, leading to increased customer loyalty and retention.

3. Robust Security and Compliance

E-signature solutions come equipped with advanced security features, ensuring that sensitive data remains protected. Digital trails, encryption, and timestamping provide an added layer of security. Moreover, e-signatures are compliant with global regulations, ensuring that signed documents are legally binding and admissible in court.

4. Cost Savings

The direct and indirect costs associated with paper-based processes add up. Think of printing, shipping, storage, and the manpower required to manage physical documents. E-signatures significantly reduce these expenses, leading to substantial cost savings in the long run.

5. Environmental Sustainability

By transitioning to a paperless process, insurance companies contribute to environmental sustainability. Reducing paper usage means fewer trees are cut down, leading to a decrease in the carbon footprint of the organization.

6. Error Reduction

Manual processes are prone to errors, from missing signatures to incorrect data entry. E-signature platforms often come with built-in checks that ensure all required fields are filled out correctly, reducing the chances of mistakes and the subsequent delays they cause.

7. Integration with Other Digital Solutions

E-signature technology seamlessly integrates with other digital tools and platforms commonly used in the insurance industry. Whether it’s CRM systems, document management tools, or AI-driven analytics, e-signatures complement and enhance these technologies, creating a cohesive digital ecosystem.

Signzy: Pioneering the E-Signature Revolution in Insurance

In the midst of this e-signature transformation, Signzy stands out as a trailblazer. With its state-of-the-art e-signature solution tailored for the insurance sector, Signzy simplifies the signing process while ensuring the utmost security. Their platform not only offers a seamless signing experience but also integrates effortlessly with existing insurance systems, making the transition to digital smooth and hassle-free. Beyond just e-signatures, Signzy’s suite of products provides advanced analytics and AI-driven insights, enabling insurance companies to make data-driven decisions. By prioritizing both user experience and security, Signzy is helping insurance providers elevate their digital offerings, ensuring they remain competitive and relevant in today’s fast-paced digital landscape.

Conclusion

The adoption of e-signature technology in the insurance industry is not just a trend; it’s a strategic move towards modernization. As we navigate the complexities of the digital era, it’s clear that e-signatures are more than just a convenience—they’re a necessity. Insurance companies that embrace this technology position themselves as forward-thinking, customer-centric, and ready to meet the challenges of the future.

Embracing e-signature technology is not merely about keeping up with the times; it’s about leading the charge in innovation and setting new industry standards. As thought leaders, it’s our responsibility to champion such transformative solutions, ensuring that the insurance industry remains resilient, efficient, and customer-focused in the digital age.

At Signzy, we’re dedicated to paving the way towards a more efficient, secure, and digital future! Contact us to book a demo! 

eStamping represents a significant leap in the evolution of financial transactions, particularly in the realm of duty payment on agreements and contracts. As a modern, more efficient alternative to traditional stamp duty payment methods like physical stamp paper or franking, it leverages electronic processes to streamline and simplify this important step in formalizing agreements.

At its core, in e-stamping procedure, parties can conveniently pay the required stamp duty for documents or contracts online. Once the payment is completed, they receive their document electronically stamped and merged with a virtual representation of stamp paper.

This system eliminates the need for physical stamp paper and introduces increased efficiency, ease, and accuracy. Furthermore, it minimizes the risk of fraudulent practices tied to stamp paper transactions while ensuring a secure and tamper-proof record of stamp duty payments.

With eStamping, the world of contractual agreements and financial transactions steps firmly into the digital age, aligning with the broader trend towards digitization and automation of services in banking and finance.

eStamping is becoming increasingly important in the banking industry, as it can help to streamline and secure a variety of banking processes.

The Legal Backdrop: Indian Stamp Act of 1899

The Indian Stamp Act of 1899 forms the legal basis for the levying of stamp duties in India. The Act mandates stamp duty payment on certain types of instruments and documents, such as agreements, bonds, shares, bills of exchange, and others, to make them legally effective. The stamp duty is essentially a form of tax that the government collects on transactions recorded in these documents.

The Act has undergone numerous amendments over the years to stay relevant with changing times and technologies. 

Proposed Amendments

The Indian government has proposed several amendments to the Indian Stamp Act of 1899, aiming to modernize and align the Act with the realities of the digital age. Here are some key proposed changes:

1. Electronic Signatures: The proposed amendment seeks to introduce the concept of “electronic signatures” as recognized under the Information Technology Act, 2000, into the Indian Stamp Act. This would legitimize electronically signed documents, paving the way for fully digital transactions.
2. Digital Stamping: There are plans to formally include digital e-stamping within the Act. This would involve the recognition of electronic stamps or e-stamps and any other digital impressions that the state government may specify. This is a departure from the existing definition of “impressed stamp”, which traditionally includes only labels affixed and impressions made by a proper officer, or those embossed or engraved on stamped paper.
3. Expansion of the term ‘Instrument’: The scope of what is considered an “instrument” under the Stamp Act is also set to expand. The proposed addition would include “any other document mentioned in Schedule 1, excluding those specified by the Government.” The term “document” in this context would encompass any electronic record as defined under the Information Technology Act, 2000.

These changes would usher the Indian Stamp Act into the digital era, making the legal framework more aligned with current technological practices and capabilities. They aim to ensure that the law remains relevant and effective in governing modern, digital-first financial transactions and agreements.

The Role of Stamping & Stamp Paper in Loan Disbursal

Stamping and the use of stamp paper play a critical role in the loan disbursal process in India. They are involved at various stages, including loan approval, agreement execution, and documentation, ensuring the legal validity and enforceability of the loan contract. Let’s explore their roles:

1. Loan Agreement: A loan agreement is a legal contract between the lender (bank/financial institution) and the borrower, outlining the terms and conditions of the loan. To be legally enforceable, this agreement needs to be stamped as per the Indian Stamp Act, 1899.
2. Stamp Duty: Stamp duty is a tax imposed by the government on various legal documents, including loan agreements. The rate of stamp duty can vary based on the loan amount and the state’s stamp duty laws where the agreement is executed. The payment of stamp duty effectively makes the loan agreement legal and binding.
3. Stamp Paper: The loan agreement is typically printed on stamp paper, purchased for the value of the stamp duty. The stamp paper serves as proof that the requisite stamp duty has been paid on the document.
4. Loan Disbursal: After the loan agreement is stamped and signed by the parties, the loan amount can then be disbursed by the lender to the borrower. The stamped agreement serves as a valid document for both the lender and borrower, outlining the loan’s terms and conditions, and is enforceable in court.

Challenges in Loan Disbursal for Banks & NBFCs

Loan disbursal processes in Banks and Non-Banking Financial Companies (NBFCs) often face a variety of challenges. These challenges can impact the efficiency of the operations and the overall customer experience. Some common challenges include:

1. Lengthy Approval Process: The traditional loan approval process can be quite lengthy, involving detailed checks of credit scores, financial history, income verification, etc. This can lead to delays in loan disbursal.
2. Documentation: Managing physical documents is often a tedious and time-consuming process. It involves maintaining, verifying, and storing a large volume of paperwork, which increases the chance of human error.
3. Stamp Duty Payment and Stamping: In the traditional process, procuring stamp papers, paying stamp duty, and getting the loan agreement stamped can be a complex process. It involves liaison with government authorities, which can further delay the loan disbursal process.
4. Fraud Risk: The possibility of document forgery and fraudulent applications pose a constant risk to financial institutions. The traditional manual processes don’t always catch these, which can lead to significant financial losses.
5. Regulatory Compliance: Keeping up with the constant changes in regulations and ensuring compliance can be challenging. Non-compliance can lead to legal issues and penalties.
6. Customer Service: Given the complexity and length of the process, providing a smooth customer experience can be challenging. Delays and lack of transparency can lead to customer dissatisfaction.
7. Technological Limitations: Many financial institutions, particularly smaller or rural ones, may lack the advanced technology needed to streamline the loan disbursal process, making them reliant on slower, manual methods.

How does eStamping help in achieving end-to-end loan automation? 

It plays a pivotal role in achieving end-to-end loan automation by streamlining and digitizing a traditionally complex, time-consuming process. Here’s how eStamping fits into the process flow:

1. Loan Application: The customer initiates the loan application process online. They fill in their details and submit necessary documents digitally.
2. Document Verification and Underwriting: Automated systems with AI capabilities verify the submitted documents, perform credit checks, and assess the applicant’s creditworthiness. This process also includes the automated evaluation of collateral, if applicable.
3. Loan Approval: Once the application is verified and underwriting complete, an automatic system approves the loan based on predetermined criteria. In some cases, if necessary, this step might require a manual review. However, in a fully automated system, even these exceptions would be minimized.
4. Digital Stamping: Upon loan approval, the loan agreement is prepared. The system calculates the required stamp duty based on local regulations and the loan amount. The system then generates an e-stamp or digital stamp corresponding to the correct stamp duty. The stamp is affixed to the digital loan agreement, making it legally binding.
5. E-Signature: After stamping, the agreement is sent to the borrower for a digital signature. The borrower can review the agreement and sign it using a digital signature, eliminating the need for a physical signature.
6. Loan Disbursal: Once the agreement is e-stamped and e-signed, the loan amount is disbursed to the borrower’s account electronically.
7. EMI Payment Automation: The repayment of the loan in the form of Equated Monthly Installments (EMIs) is also automated. The EMI amount is automatically deducted from the borrower’s account on a predetermined date. The borrower receives digital notifications about upcoming EMI payments, successful deductions, and any outstanding payments.
8. Loan Servicing: All further communications, repayments, tracking, and servicing of the loan can be done online, providing a fully digital loan experience. This includes automated notifications for due dates, payment confirmations, and any changes in loan terms.

Advantages of E-stamps for Loan Automation

E-stamps or digital stamps bring a plethora of advantages when integrated into loan automation, as they help simplify the loan process, improve efficiency, and provide superior service to customers. Here are some key advantages:

1. Efficiency: It streamlines the process of stamp duty payment and reduces the time taken for loan disbursal. The need for physical stamp papers, manual labor, and long waiting times are eliminated, leading to a quicker and smoother loan process.
2. Security: E-stamps are secure and tamper-proof, reducing the risk of fraudulent transactions. Each e-stamp comes with a unique identification number, which can be used to verify its authenticity, providing an additional layer of security.
3. Accuracy: It ensures the accurate payment of stamp duties. The stamp duty is calculated automatically based on predefined rules and regulations, minimizing the risk of human error.
4. Legal Compliance: Digital stamps are legally recognized. This means electronically processed loan agreements are legally binding, ensuring legal certainty in an automated loan processing workflow.
5. Improved Customer Experience: E-stamping, as part of an automated loan processing system, simplifies the loan application process for customers, making it quicker and more straightforward. This leads to a better customer experience.
6. Cost Reduction: estamping reduces operational costs by eliminating the need for physical stamp papers and cutting down on the manual effort involved in the stamping process.
7. Automation and Scalability: E-stamping can be easily integrated into an automated loan processing system. It’s scalable and can handle a large volume of transactions, making it suitable for large-scale operations.
8. Record Keeping and Audit: Digital stamps, being electronic, can be easily tracked and recorded. This simplifies record keeping and audit processes, making it easier for banks and other financial institutions to maintain and access their records.

Signzy’s E-stamp API: One Stop Solution for eStamping

At Signzy, we leverage cutting-edge technologies to redefine the way banks and NBFCs handle loan disbursal, streamlining the process while enhancing security and compliance.

Our digital solutions, including the e-stamping API, play a crucial role in automating and simplifying the documentation process. We’ve automated the traditionally time-consuming tasks of acquiring stamp papers and paying stamp duty, thus eliminating cumbersome paperwork and accelerating the loan process.

Security is paramount in our operations. Through the integration of artificial intelligence and machine learning in our platform, we enable early detection of fraudulent activities. Further enhancing the security framework, our estamping technology ensures the authenticity of documents, providing a tamper-proof environment for loan processing.

Regulatory compliance is another area we’ve got covered. Our solutions align with the proposed amendments to the Indian Stamp Act, supporting the inclusion of electronic signatures and electronic stamp papers. This reduces the regulatory burden for banks and NBFCs, ensuring they’re in step with the most recent legal requirements.

From a customer’s perspective, we strive to make the loan disbursal process as seamless as possible. By digitizing and automating the process, we ensure that loans are processed faster, providing a more satisfying customer experience. The entire process is transparent, allowing customers to complete necessary steps online at their convenience.

The API optimizes operational efficiency and contributes to cost reduction. It eliminates the need for physical stamp papers and minimizes manual labor, making our solution a cost-effective alternative in the loan disbursal process.

At Signzy, we’re dedicated to paving the way towards a more efficient, secure, and digital future in finance! Contact us to book a demo!