Customer Pain Points

User Onboarding experience

Verification of asset ownership :
Pain points of customer:
• Updating the vehicle details in RTO and submitting the details
• Re-registration of vehicle when it is transferred from one state to another; this requires a huge documentation from the customer
• Re-registration of vehicle post 15 years of completion which again is a lengthy process
• Change of address in RC
• Transferring of ownership of vehicle decreases the market value of the car, so many customers avoid transferring it

Challenges faced by lender :

• Correct Hypothecation of RC is missing in cases of refinancing and financing a second hand car
• If the vehicle has an existing loan, then balance transfer of the loan needs to done to the existing lender-again a lengthy process

Asset repossession on default

• Non- traceability of the vehicle
• Non- traceability of the Customer
• Biggest challenge- In cases where customer does not surrender the vehicle, non-availability of RC which makes it difficult to sell the
vehicle
• Issuance of duplicate RC requires KYC and presence of customer which is impossible in most cases
• There is technology for technology to track these vehicles but these comes with an additional cost and is only suitable for financing
luxury vehicle. This is due to the huge costs involved in GPS tracking.