logo

Loan Servicing


From Loan Activation to Loan Closure

Loan Calculations

Interest Tariffs

  • Create multiple slabs and with different interest rates
  • Define how the interest to be calculated by configuring days in year, rounding balance, Interest application etc
  • Daily Interest, Full Loan Term Interest
  • Set up the multiple initial charges based on fixed or percentage of loan amount
  • Create re-payment schedules based on duration or by Amount
  • Configure interest rate after the loan due date
  • Configure different interest rates for different loan products

Credit CAP

  • Set up the total cost of loan by number of days after the loan or by %age of loan amount borrowed
  • Restrict the agents not to add interest or charges if exceeded the CAP
  • Identify the loans by flagging when credit cap is reached

Auto Collections

  • Collect the instalment due either by ACH, card payment or by direct debit
  • Send multiple reminders to the customers via SMS, email or letters
  • Set the Continues Process Authority (CPA)
  • Set the missed payments, NSF fee and number of times to be charged
  • Automatically cancel or re-initiate a new payment plan when an instalment is missed
  • Assign the loan to collection department when an instalment is missed
  • Set the grace period for the system to wait before it marks a instalment missed
  • Set the collection timings and number of times to run. Eg:- Send the collection instruction to the bank/ ACH/ Card at 08:00 and 20:00 on the instalment due date
  • System does not send the collection instruction if the instalment due has already paid, if part has been paid, system then sends only remaining amount for colleciton
  • Raise tasks to the collection team to chase up the customers for non payment
  • Send the relavent emails/SMS automatically for payment sucessfull or failure
  • Collect the payments via end-user portal/ Via CRM /Via phone

Dunning Process

  • Configure the workflows to initiate the process
  • Let the system know when and what to initiate to send the relevant communications
  • Stop and re-initiate if certain criteria is met
  • Hand over the file to debt colleciton agents after certain process is met

Loan Closure

  • Loans can be closed/settled in several ways such as:
  • Settlement on end of loan term
  • Overdue settlements
  • Early settlements with accurate calculation and necessary charges
  • Write-Offs
  • Voids
  • Cancellation with necessary charges and with in specified time

Charges Management

  • Create and manage different types of charge types
  • Control the access who can use the charges. Eg: Legal Fee should be allowed only by legal department
  • Mark each charge type with different colours and highlight them when sending comms to customer

Workflows

  • Key to automate from the loan origination to loan closure
  • No manual interention is required through out the process
  • Configure, Time based, status based, flag based and independent based workflows
  • Let the system know when and what to be done. Several actions can be performed such as sending comms, leving charges, freezing customer file, raise tasks etc

Task Management

  • Create and manage the tasks.
  • Manual and auto allocation of the tasks to individual users or teams
  • See the detailed task history, status and due date
  • Assign the task based on due days and by priority
  • Delegate the tasks from one team/user to another
  • View the tasks assiged to user or by team user belogs to

Status Management

  • Create and manage different statuses for each application stage
  • Highlight the application by giving each status a desired color
  • Restrict the status management based on the user role.
  • Configure the workflows to perform certain actions on a status change
  • View the audit trail of the every status changes performed on the application

Flag Management

  • Create and manage different Flags
  • Identify the flags with colors
  • Restrict the Flags based on the user role.
  • Assign or remove multiple flags to the loan application
  • Configure the workflows to perform certain actions on a Flag change
  • View the audit trail of the every flag change performed on the application

Document Management

  • Upload/download and manage multiple documents
  • Categorize the documents for easy access
  • Maintain versions
  • Access all the documents related the customer at one place. Eg: access the documents uploaded from portal via CRM.

Audit Trial

  • Every activity performed on customer and his applications is logged into very details such as when, what and by whom
  • We have categorized the audit trail into different categories for easy access and search
  • View the trial either for the single loan or for all loan applications
  • View the communications sent and received from the customer

EMail Tracking

  • Send and receive emails from the customers
  • Email Inboud queue allows to capture the emails sent by the customers and map them to the customer's file
  • Access all the emails along with the documents attached

Communication Tools

  • Integrated with various communication providers to send and receive
  • SMS
  • Emails
  • Letters
  • Auto-Dailer

Team Management

  • Create and manage group of users performing similar jobs by creating the teams
  • Assign the manager to the team
  • View the team's performance via task queues

Department Specific Comms

  • Set up the templates to send out the comms by a specific departments
  • Each department can have different From and To addressses to send and receive comms

User Management

  • Create, delete and manage the CRM users
  • Control the user access by screen level and also by data level
  • Assign the users to a designations to control the access for a group of users

Credit Vetting & Bureau Integrations

  • Integrated with major credit bureaus
  • Access different types of credit reports and scores
  • Share the data back to credit agencies on daily or monthly basis
  • Get credit reports from multiple bureaus at the same time and validate
  • Set the decision engine rules to assess the risk based on the credit reports
  • View the reports in GUI format
  • View historical reports for each credit report type

Payment Provider Integrations

  • Validate the card by defining the rules to prevent fraud
  • Integrated with ACH/Card, direct debit payment providers
  • Choose the collection payment method and modify during the servicing

Customer Management

  • Manage the customer information
  • Block Or Unblock
  • Identify repeat or New customers
  • Full customer history with number of previous applications declined or approved, quotes offerred and loans
  • Navigation to historical details

Broker Management

  • Create and manage unlimited brokers/lead affliates
  • Send receive bulk leads from pingtree, compare websites etc
  • Create multiple campaign codes and track the lead sources
  • Set the limites to buy and scrub the leads

End-User Portal Servicing

  • Apart from teh features described in Loan Origination, My Account area is provided to:
  • Know the short and detailed account summary
  • Instalment summary
  • Re-Apply for a new loan
  • Take payments via debit cards using new or existing
  • Save cards for future use
  • Early pay off
  • Close the loan
  • Change the marketing preferences, address changes, employer change etc

Application Form Builder

  • Build the loan application form via our form builder
  • Define the loan application by configuring number of pages, sections, fields, validations etc
  • Create different application forms for different loan products

Debt Recovery Management

  • Create and manage debt recovery companies
  • Assign the loan to debt companies
  • Export and send all the account history

Template Management

  • Brand the communications sent to your customer
  • Insert the tags into the communications
  • Configure the templates to send as an email or as an attachemnts
  • Configure the templates to send static attachments for any regulatory use

Loan Tracking

  • Search the loan applications by customer details or by reference numbers
  • Configure the number of recent applications to be displayed in the search
  • Filter the search by Status or by Flag