Loan Contract

The document creation process begins with the approval of a loan prospect and culminates in the activation of the loan contract upon disbursement approval. This process involves multiple stages of review, approval, and verification.

Contract Approval Process

Loan Prospect Approval:

• A loan prospect is evaluated and approved.
• Upon approval, a loan contract is automatically generated.

Contract Review and Approval:

• The generated contract is subjected to a review process.
• There are three potential outcomes:

  1. Resend:

     • The contract is returned to the loan prospect draft stage.
     • This action typically occurs when significant modifications or corrections are required.
     • The process starts again from the initial loan prospecting phase.

  2. Request for Contract Check:

     • The contract enters a pending approval status.
     • This step indicates that the contract requires further evaluation or verification before final approval.

  3. Reject:

     • The contract is returned to a pending status.
     • This decision implies that the contract does not meet the necessary criteria and needs to be revised.
     • The approval process restarts from the beginning.

Contract Approval:

• Once the contract passes the review, it's approved and moves to the pending disbursement status.

Disburse Payment:

• The contract enters the disbursement approval status.
• This step involves the authorization of the loan amount for disbursement.

Approve Payment:

• The final approval is granted, activating the loan contract.
• The contract becomes legally binding, and the repayment schedule commences.
• Upon successful disbursement, the loan contract becomes active. The borrower is now obligated to make regular repayments according to the outlined collection schedule.

Loan Contract Page

• Contract: This section likely contains the primary terms and conditions of the loan agreement. It may include details such as loan amount, interest rate, collateral information, and other contractual obligations.
• Disbursement: This section probably handles the disbursement of the loan amount. It might include details about the disbursement date, amount, method, and any related approvals or documentation.
• Collection Schedule: This section outlines the repayment schedule for the loan. It could include installment amounts, due dates, payment methods, and any late payment penalties.
• Case: This section might reference a specific case or file associated with the loan, such as a customer complaint or legal issue.
• Loan: This section likely provides summary information about the loan, including the loan type, purpose, and borrower details.
• Documentation: This section probably stores and manages all relevant documents related to the loan, such as borrower identification, income verification, and property appraisal.
• View CIB: This likely refers to a Credit Information Bureau check, providing a credit history report on the borrower.
• Checklist: This section might contain a checklist of required documents or tasks related to the loan processing.
• View Prospect: This link redirects to the original loan prospect page, allowing for reference or updates.
• History: This section probably maintains a record of all activities and changes related to the loan contract.
• Visit Note: This section might allow for recording notes or observations from site visits or customer interactions.
• Loan Summary: This section provides a concise overview of the loan's key details, potentially acting as a summary page.
• Document List: This section likely displays a list of all uploaded documents related to the loan, serving as a quick reference.
• Close(Ringi & Follow): This section might involve closing the loan or initiating follow-up actions, potentially related to loan recovery or customer relationship management.

Refinancing Process

Refinancing is a process where an existing loan is replaced with a new loan, often to secure better terms such as a lower interest rate, extended repayment period, or to consolidate debt. In the context of your system, this involves closing the current loan contract and creating a new one.

• Refinance Request:

  • The customer initiates a refinance request.
    

• Contract Evaluation:

  • The system calculates the outstanding balance of the current loan.
  • A new loan contract is generated with updated terms (interest rate, tenure, etc.) based on the customer eligibility and the system's lending policies.

• Approval Process:

  • The new loan contract goes through the standard approval process, similar to a new loan application. This includes credit checks, document verification, and management approval.

• Disbursement:

  • If approved, the new loan amount is disbursed.
  • The disbursed amount is typically used to settle the outstanding balance of the old loan.

• Closure of Old Contract:

  • The system automatically closes the old loan contract upon successful disbursement of the new loan.
  • Any remaining balance is adjusted, and the contract status is updated to "closed".

• Activation of New Contract:

  • The newly created loan contract becomes active, initiating the repayment schedule for the new loan terms.