Yes, the EMI process is similar to procuring loan from an NBFC. It is strictly abiding the RBI guidelines. EMI process  follows below process: 
a) The documents are submitted to the EMI partner through EduBridge.
b) EMI partner the approves/ rejects the documents.
c) In both cases, applicant receives a mail from the EMI partner.
d) If rejected, learner needs to provide another eligible applicant. In case approved, an E-mandate and EKYC link is sent to the applicant which has to be done properly with device location ON.
e) The EMI partner team does a final call to verify DOB, amount & tenure to the applicant.
f) Amount is disbursed within 24 working hours.