With the aim to provide a seamless and paperless process of signing a legally binding loan agreement between the borrowers and lenders online, peer to peer lending website Faircent.com has announced the launch of ‘e-Sign’ facility, in partnership with eMudhra on Monday.
It will also help Faircent in enhancing to operate efficiently by reducing human intervention, causing lesser turnaround time and faster loan disbursal.
‘e-Sign’ is part of the India stack conceptualised by the current government under the Digital India initiative. This initiative is aimed at simplifying the lending process for customers, which is the key to success for P2P lenders.
Vinay Mathews, chief operating officer at Faircent said, “We have always been proactive in our approach to embracing cutting-edge technology into our operations and enhance productivity. With the introduction of e-Sign, the entire cumbersome process of getting the physical signatures on loan agreement will become redundant. Both lenders and borrowers will benefit from the increased swiftness in the process.”
Only Aadhar card holders would be able to enjoy the ‘e-Sign’ facility. This facility has been launched in partnership with eMudhra, a Certifying Authority licensed by Controller of Certifying Authorities, under Government of India.
Biju Varghese, Senior Vice President – Enterprise Security Services, eMudhra, said, “Agreements signed through e-Sign are legally binding even though the borrower does not physically sign the loan agreement. It is on-line, thereby faster. We are glad to partner with Faircent.com to bring this convenience to their customers.”