This checklist covers the repayment and recovery workflow — not loan origination or accounting. It is intended for NBFCs evaluating dedicated collection software to sit alongside their existing LMS or core lending system. The 10 sections cover: repayment channels (UPI AutoPay/eNACH), pre-due reminders, telecalling workflow, Promise-to-Pay management, DPD escalation, field recovery, bank reconciliation, LMS integration, RBI compliance, and CFO reporting. Each requirement is flagged as Must-Have or Good-to-Have.
NBFC Collection Software
RFP Checklist 2026
A vendor-neutral evaluation framework for NBFC repayment and recovery software — 80 requirements across 10 sections, each flagged as Must-Have or Good-to-Have.
This checklist is specifically for collection and recovery software — not a loan management system (LMS) or loan origination system (LOS). Evaluate those separately.
This checklist covers collection and recovery workflow only: post-disbursement repayment, AutoPay mandate management, overdue follow-up, field recovery, and bank reconciliation. It does not cover loan origination, KYC, credit bureau integration, disbursement, interest accounting, or regulatory reporting — those are LMS/LOS requirements. If you are evaluating a platform that claims to do both, run the LMS evaluation separately and use this checklist only for the collection module.
1. Repayment Channel Coverage
Evaluate which payment modes the vendor supports natively, not via workaround.
2. Pre-Due Date Engagement
Reminders before the due date prevent first-time bounces — evaluate depth here.
3. Overdue / Post-Bounce Telecalling Workflow
This is the highest-volume daily activity for collection staff — assess it carefully.
4. Promise-to-Pay (PTP) Management
PTP is where collection breaks down most often — manual logs are not enough.
5. DPD-Based Escalation Workflow
Each DPD bucket needs a different action — verify this is automated, not manual.
6. Field Recovery (Ground-Level Collection)
Critical for rural/semi-urban NBFCs, MFIs, and any lender with in-person recovery teams.
7. Bank Reconciliation & Payment Posting
Manual reconciliation is typically the biggest time-sink — ask specifically about this.
8. LMS / Core System Integration
Your collection tool must read loan data and push payment records back — confirm the integration method.
9. Compliance & RBI Recovery-Agent Guidelines
Non-compliance in field recovery creates regulatory and reputational risk — verify specifically.
10. CFO & Portfolio Reporting
The CFO and MD need collection KPIs separate from AUM numbers — verify these exist.
8 Questions to Ask in Every Vendor Demo
Do not accept slide decks or screen recordings. Run a live demo on each of these — a vendor who cannot demonstrate live does not have it.
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