NeSL e-BG [ Electronic Bank Guarantee]

NeSL e-BG [ Electronic Bank Guarantee]

What is NeSL e-BG?

A Bank Guarantee is an instrument issued by a bank to stand a guarantee against non-performance by a party. Typical parties involved: Applicant, Issuing Bank, and Beneficiary. The Bank issues a guarantee after due diligence, and in case of default, the Issuing Bank takes necessary steps. eBG involves digital steps like application, preview, confirmation, e-stamping, e-signing, hosting, and intimation to the beneficiary.


There are 3 types of parties involved in eBG as below - 


Applicant/Debtor: party on whose behalf the bank issues the guarantee. In case of a default by the Applicant, the Bank makes the specified payment 


Beneficiary: the party who receives the guarantee from the Issuing Bank in case the applicant defaults on the arrangement - need not necessarily sign the document; however, details are required to be captured in the NeSL journey. 


Issuing Bank/Creditor: Bank issues a guarantee to the beneficiary, after performing the due diligence and accepts the responsibility on behalf of the applicant. In case of a default, the Issuing Bank takes the necessary and specified steps.


What is eBG parties?

According to market practice, in the majority of eBG cases, the Debtor and Beneficiary don’t sign. But NeSL makes it mandatory for the sender to add both Debtor and Beneficiary information.

We are introducing eBG parties in the eBG flow to address this issue statement. eBG parties would allow the sender to pass information of those parties who are not NeSL signers but are to be included in eBG issuance.

How to activate NeSL e-BG on Leegality’s Dashboard?

To activate NeSL eBG on the dashboard, existing Leegality users may reach out to your designated account manager to activate eBG functionality from the back end or write to support@leegality.com.


Admin users will be able to see the active profiles once valid configurations are added in the Admin Panel from the back end. To view these, at least one profile must be added.  The user will have to contact Leegality to make any changes to these configurations. 



                                                                                                                                     

NeSL eBG - New Document/ Workflow

Running a workflow for NeSL eBG is similar to the sending flow mentioned above in the new document flow. 


  1. If the user is on the Leegality Dashboard, toggle on Electronic Bank Guarantee(eBG) while creating a new document or workflow.
  2. In the invitee's section, a minimum of 2 participants  (from invitees with NeSL and parties) are mandatory to proceed with the eBG option for signing.
  3. To add the number of eBG parties, go to ‘Signing Journey Options’ and add parties as shown below:




  1. Fill in all the details on the webform as shown below (or) upload an excel using the Leegality format to auto-populate the webform. 

Note: The Loan Number needs to be unique for the issuance case document. The sender will file for Registration details, Document details, Stamp details, and Invitee details to proceed.

                                                                                                                                   

Run NeSL eBG via Dashboard - Excel upload

The Leegality NeSL eBG workflow  excel template (downloadable from the dashboard) for an NeSL eBG will contain additional column headers for the NeSL Webform 

The Invitee (Signatory details in the eBG NeSL webform) specific columns will be repeated for each invitee to be filled accordingly. 

Loan details & Stamp Duty details column headers will be common for the entire document.


NeSL e-BG Signing journey

The signing journey for NeSL e-BG remains the same as other NeSL signing journeys. Refer to the signing journey guide.


Note: It is not mandatory to sign the document using NeSL sign. However, stamping via NeSL is compulsory. If eSigning is happening via NeSL, then stamping via NeSL can be skipped. 


NeSL Webform -




























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