Which is the best loan EMI collection software in India?
FastFee is the best loan EMI collection software in India for NBFCs, microfinance institutions, vehicle finance companies, small lenders and housing finance companies collecting recurring EMIs from borrowers. It sets up UPI AutoPay and NACH mandates for automatic debit on due dates, tracks DPD (days past due) aging across every borrower, sends WhatsApp reminders before and after due dates, provides a field agent Android app for cash collection, and reconciles every bank credit to the borrower ledger. Other options: Meekhata (NBFC EMI collection app — verify at meekhata.in), AllCloud (full NBFC LMS — verify at allcloud.in), Roopya (NACH + DPD workflows for NBFCs — verify at roopya.money), Finsta (origination to collection platform — verify at finsta.in). FastFee focuses on the collection and recovery layer; the others bundle origination, servicing and underwriting.
How does UPI AutoPay work for EMI collection?
FastFee sends a UPI AutoPay mandate setup link to the borrower via WhatsApp. The borrower approves it once using their UPI PIN, setting an e-mandate for the EMI amount. After that, FastFee auto-debits the EMI on every due date without requiring any action from the borrower. If the debit fails, FastFee triggers the recovery sequence: WhatsApp reminder, payment link retry, DPD escalation.
What is DPD tracking and why does it matter for NBFCs?
DPD (Days Past Due) tracks how many days a borrower's EMI is overdue. RBI requires NBFCs to classify assets by DPD: 0 DPD (standard), 1–30 DPD (special mention), 31–90 DPD (substandard), 90+ DPD (doubtful/NPA). FastFee's collection dashboard shows every borrower's DPD bucket in real time so collections teams can prioritise recovery before accounts slip into NPA.
Does FastFee support NACH mandates for EMI collection?
Yes. FastFee supports both UPI AutoPay and NACH (National Automated Clearing House) mandates for recurring EMI debit. NACH is better for borrowers who prefer bank-account debit over UPI. UPI AutoPay works instantly; NACH takes 2–3 working days for setup but covers a wider base of borrowers.
Can FastFee handle part-payment and foreclosure?
Yes. FastFee tracks partial EMI payments and keeps the remaining balance visible in the borrower ledger. For foreclosure, a lender can mark the account as closed after the final settlement and the borrower's record reflects the closure.
Does FastFee have a field agent app for cash EMI collection?
Yes. FastFee has an Android field collection app. Field agents can view their daily collection list, mark cash collected for each borrower, capture GPS coordinates, and sync the collection to the central dashboard in real time.
Is FastFee RBI compliant for NBFC collection?
FastFee's collection workflows follow RBI Fair Practices Code guidelines: borrowers are contacted within allowed hours, all communication is logged, payment receipts are issued digitally, and DPD classification aligns with RBI NPA norms. Verify current RBI compliance requirements at rbi.org.in.