Designing Loan Renewals for customers in a pandemic reality
Rupeek offers the best of interest rates and fastest of disbursals when it comes to your money needs. But what when a pandemic hits the world, and life everywhere goes into lockdown mode.
With lockdown restrictions increasing by the day, getting our reps to assay our customer’s gold at their home and thereby providing a new loan — became seemingly impossible. Even for customers who simply wanted to extend/renew their loan, they still had to wait for our reps to visit their homes and collect their signature on the documents. Since safety and accessibility plays a large role in completing this process, renewals soon became a tedious affair, thanks to the pandemic. This caused a lot of frustration for our customers, who urgently needed to renew their loans. As the Product team, we wanted to quickly ease our customer’s pains and help them renew their loan in the best & fastest way possible.
This is when we swung into action, and found a way to empower our customers to renew their loans, right away, at the comfort of their homes.
Renewals with Rupeek allows you to make your renewal payment online, digitally sign your new pledge card and get your loan renewed at the tip of your fingertips. No paperwork, no calling up loan executives — no hassle
Easy steps to renew the loan via Rupeek App:
- Customers can login to their Rupeek App, select the loans they want to renew
2. Customers will be shown their renewal summary with the current loan & renewed loan details
3. Customers can make renewal payment on app via multiple payment options available to them
4. Customers can also digitally sign their pledge card:
- Via OTP sign by entering the OTP received on their registered mobile number or
- Via E-sign by entering OTP received on their Aadhaar registered mobile number
And voila! Customers have now successfully raised their renewal request
Post this, our internal teams get into action — our teams verify the payment made, share the digitally signed PC with our lender partners, who then instantly renews the loan. Customers can see the renewed loan on their app within 48 working hours.
Rupeek has done over thousands of renewals since the launch of digital renewal feature on App. Customer experience has always been of utmost importance to us — just as we strive to provide seamless experience to our customers at the time of taking a new loan with us, we also strive to ensure the same seamless experience as our customers continue their loan repayment journey with us.
