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INFOLoans | |
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InfoLoans handles loan
products having variation in term, interest, service charges, fees and penalties, etc. The functionality of the InfoLoans System is described further below: |
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| LOAN APPLICATION | |||||
| The module for loan application helps capture all
the personal details of the customer applying for the loan and at the same time also helps in capturing the details required depending on the type of loan, e.g Housing Loan, Car Loan, Educational Loan, etc. The Loan application also captures Guarantor Details, Insurance Terms, etc. |
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| PARAMETERS | |||||
| Certain parameters need to be considered to help
process the loan application. The Applicant Eligibility Criteria for different classes of applicants such as salaried employee, self-employed individual, private limited company, etc will be different for a loan. Similarly, the documents required checklist during a loan application can also be defined in the relevant form. The frequency with which the documents must be resubmitted can also be defined. |
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| LOAN PROCESS | |||||
| The entire process of the loan once it is sanctioned
is managed in this module. On sanctioning of the loan, it is disbursed to the customer. The product selected by the customer might call for the loan being disbursed in installments, an interface is provided to define the loan disbursement schedule. Also, the loan repayment is done in installments, which is defined using the mortgage calculator. Any deviations from the pre-defined schedule can be made using the same interface and the remaining installments will be re-calculated automatically at real time. The system also keeps track of the ageing of the loans and generates relevant Reminder and Notices automatically to be sent across to the customer. In case the interest on the Loan Amount and/ or the Prinicipal Amount of the loan is overdue, the system also enables the recovery process to be followed in such a scenario. |
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| REPORTS AND ADVICES | |||||
| InfoLoans offers a suite of reports that can be
generated based on the information gathered using the data entry forms. These reports are essential for loan and credit analysis. This module provides for generation of various customer advices and a detailed list of registers required for management information. The module also generates and prints reminders and notices to be sent to the customers. Additionally, being an important section of loans, the system generates payment and re-payment schedules. The system also maintains a history of the entire loan which includes records of all the installments made and that are due for a certain period, interest accrual and payments. This transactions and history repository allows the users of the bank to enquire on the same at any time. |
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