It is ideal to attach only the direct cost to a loan application since the indirect cost is quite challenging and complicated. For instance, if an NBFC serves one particular area, the cost is for that serviceable area alone. Hence, based on that, anywhere above Rs. 500 becomes the base price for a traditional onboarding journey for a customer.
In the case of Digital Onboarding
, it is much less, which is anywhere between Rs. 100 to Rs. 150, when the direct cost is added for the API
being integrated into a loan application for KYC.
Depending on the number of steps involved in the onboarding process as defined by various NBFCs, the cost will either increase or decrease.