Enhanced Flexibility in Loan Application for Interest Rate, Calculation Method, and Tenure Period

This feature allows customisation of loan applications. Admins are now able to edit/override the interest rate, Interest calculation method and Tenure period set in the Credit Product Policy (CPP)

It applies to new loan applications only.

The following are steps of the new implementation.

• The first step is to update the CPP as in the demo. The changes to be done affect the terms section; Loan Amount limits, Grace period details, Tenure period details.
• From the drop downs (of Allow Frequency Override) select “True”
• The other section affected is Interest which contains; Interest Rate, Interest Rate Period, Interest calculation Method and most importantly the override function.
• From the drop downs (of Allow Interest Rate Override and Allow Interest Method Override) select “True”
• Once the changes have been done click save then re-access Policy with ensure all admins approve the CPP.
• At the point of loan application, the admin can edit the Tenure, Interest Rate and Interest calculation method as agreed with the client.
• There after the loan is approved by the admins as per the policy mandates.