Flexible Loan Guarantor Options
This feature that allows users—both admins and members—to combine self-guarantors (loan owners), member guarantors, and collateral during loan creation. This added flexibility simplifies loan guarantee management while offering members more options to secure their loans.
Key Scenarios for Implementation:
- Loan Application by Admin on Behalf of the Member:
- Admins can incorporate flexible guarantor options directly during the loan application process.
- Loan Approval by Admin:
- During loan approval, admins can edit guarantor details to reflect the agreed-upon arrangements.
Setting Up Flexible Guarantor Options:
- Step 1: Update the Credit Product Policy (CPP):
- Ensure the types of guarantors approved by the board are reflected in the policy.
- The CPP must be approved by admins before changes take effect.
- Step 2: Loan Application Process:
- Members can apportion guarantors, selecting a combination of self-guarantors, member guarantors, and collateral as per the updated CPP.
This feature empowers organizations to tailor loan guarantees based on their unique needs, enhancing member satisfaction and operational efficiency.