Tiered Fee Configuration
Overview Steps Benefits This enhancement can significantly improve the loan application process and borrower satisfaction.
Loan Repayment and Overdue Reminder NotificationsÂ
The automatic SMS notifications for loan repayments and overdue reminders are important because they ensure timely communication with borrower. These notifications can be configured directly within the Credit Product Policy (CPP) settings. Setup Process: Key Points: This feature streamlines loan repayment communication, reduces defaults, and ensures borrowers are well-informed about their obligations.
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: Setting Up Flexible Guarantor Options: This feature empowers organizations to tailor loan guarantees based on their…
Flexibility in Loan Application for Interest Rate, Calculation Method, and Tenure Period
This feature enables administrators to customize loan applications by editing or overriding the following parameters, as specified in the Credit Product Policy (CPP): This customization applies exclusively to new loan applications. Steps for the New Implementation:
Backdating Loan Disbursement Transactions:
Wakandi CAMS has the ability to backdate loan disbursements! This ensures that loan repayment schedules now accurately reflect backdated transactions, enhancing record accuracy and customer trust. Watch the DEMO below to learn the steps in detail (best viewed in full screen). Steps to Use the Backdated Loan Disbursement Feature:
Loan Top-Up with Adjustable Outstanding Amount
The loan top-up process provides a streamlined workflow with the flexibility to manage additional amounts and adjust the outstanding loan balance. Steps for Applying a Loan Top-Up: Example:
Quick Loan Visibility and Application Process
Accessing quick loans has never been easier! Wakandi now has a prominently visible Quick Loan feature in the Member App. With just a few clicks, members can apply for a loan effortlessly. How a Member Can Apply for a Quick Loan
Understanding Loan Schedules and How to Download Them
A loan schedule is a vital tool for both lenders and borrowers, offering a clear outline of repayment terms, including payment dates, amounts, and applicable interest. It helps borrowers plan finances effectively and ensures lenders can track repayments accurately. This promotes transparency, simplifies communication, and reduces misunderstandings. How to Download a Loan ScheduleWakandi makes it…
Modifying Loan Product
During loan application: Credit officers and loan approvers now have the ability to modify the loan product during the approval stage without needing to delete the application. This enhancement improves flexibility and efficiency when handling pending loans. In addition, we can also override the Credit Product Policy set to configure the grace period. This can…
Loan Details and Reporting
Wakandi has introduced its Loan Details and Reporting features to provide a deeper understanding of loan information. The updated Loan Details section, visible on the member’s loan dashboard, now includes a detailed Arrears Breakdown, featuring: Loan Status Tracking In addition to the enhanced loan details, Wakandi now offers improved loan status tracking with a clear,…