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Spocto, a data analytics-based banking and financial services company, has decided to educate and inform India’s retail consumers on the RBI moratorium. Leveraging its B2C platform, Credit Monitor, Spocto wants to help consumers understand the intricacies and impact of accepting the moratorium, allowing them to make an informed decision, as per the company’s official release.
Spocto mentioned that while India is under an extended lockdown to stay protected from Covid-19, the impact on the economy, as well as individual finances, has become apparent. To reduce the financial burden on individuals, RBI had announced a moratorium on March 27. While every bank took its stance on deciding the products, segments, or customers which the moratorium would cover, the consumers have been facing significant challenges in deciding whether to accept or forego the benefit.
The company stated that against this backdrop, Spocto provides tech-backed offering by deploying a chatbot which leads the customers through their journey with the bank, their products and outstanding amount, and the impact of their decision of availing or foregoing the benefit.
Spocto claimed that its technology allows customers to view a calculated impact of accepting the moratorium without having to disclose all their financial details.
Credit Monitor’s chatbot utilizes data analytics and AI to calculate the impact considering various scenarios. For instance, if a salaried professional with a housing loan of an outstanding principal below ₹20 lakh and a residual tenure of fewer than 10 years is expecting a Covid-19 salary cut, he/she would be advised to take the moratorium and pay back the interest default using arrears or bonuses.
Similarly, an unmarried individual below 30 years of age with a credit card/vehicle loan, and an assured wage with no salary cuts would be advised to forego the benefit as he/she might have sufficient savings.
Speaking on the offering, Sumeet Srivastava, Founder & CEO, Spocto, stated in the official release: “Through its announcement, the RBI confirmed a 3-month deferment of payment for all outstanding term loans. However, based on the various financial products with an individual, the impact of accepting the moratorium can be starkly different for each of them... We believe that our technologically advanced product will simplify the decision for customers and allow them to make the best decision for themselves and their families.”
Apart from offering financial assistance through its chatbot, Spocto has also shared several FAQs related to the moratorium for the benefit of visitors.
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