Credit line (Secured / Unsecured)
QFundTM supports both secured and line that is unsecured of (LoC). The device enables authorized users to process a brand new loc predicated on client application on line or during the store. Both guaranteed and loans that are unsecured be
- For fixed terms or without any limitation to term
- Revolving or not revolving
This product is totally configurable and supports co вЂ“ debtor support, has payment that is configurable period times, supports auto/manual closing of line. It may help configurable declaration platforms and declaration times.
Salient options that come with the product are since below and all sorts of of them may be configured within the system in line with the business or needs that are regulatory.
- The client will be confirmed for many underwriting demands.
- The client shall be permitted to simply simply just take a variety of disbursements up to a certain authorization limit using the Limit/ Maximum Amount
- The LoC might have a set element of charge being charged during the time of loan processing and a component that is variable.e. rate of interest being charged on easy interest foundation.
- The client needs to make minimal repayment on or before deadline with all the belated cost being charged in line with the pre-configured values in case there is standard in payment.
- Statements are going to be provided for the clients by the end of every payment period, much like charge card statements, frequently spanning up to a starting from the date loan is processed month.
- Client will be defaulted over predefined quantity of non-payments. This can later on be charged down.
- The Charge-Off procedure can be either Manual or car process.
- After the consumer account is defaulted, the month-to-month billing statements will soon be stopped thereafter and immediately prevents incurring finance cost.
- Personal credit line min and maximum loan quantities are configurable company guidelines.
- Re re re re Payments вЂ“ System will create a month-to-month payment declaration for the client showing username and passwords including loan disbursements, accrued Finance costs, brand New Balance and minimal re payment due.
- Client need to pay at the very least payment that is minimum shown into the declaration on or prior to the re re payment deadline suggested within the Statement.
- Minimal re re re re payment shall consist of finance fee accumulated through the final end of billing cycle.
- Minimal re re re payment includes (percent) of major stability for the loan outstanding regarding the client account. (per cent) is configurable company guideline.
- Minimal Payment will even add any payment that is late or other quantities formerly due and outstanding on consumer account.
- Client has choice to spend with greater regularity and spend a lot more than Minimum Payment due.
- Client has choice to pay-off the total amount at any true point of that time.
- In case a re re payment is X (Configurable guideline value) or even more days late, belated cost is supposed to be charged in the client account corresponding to $ (Configurable guideline value).
- Every time the client makes the payment it goes first to Membership charge, belated charge, finance fees and minimal stability principal properly.
- Yearly Fee or Membership Fee вЂ“ Customer account may be imposed with a fee that is annual the quantity of $ when it comes to option of the account. This is imposed regarding the date that the account is opened and you will be imposed annually so long as the account continues to be available. This is business rule that is configurable.
Retail Installment Credit
The Retail Installment loans are designed for clients who would like to avail loans to buy of products from different merchants during the true point of purchase of products. The selects that are applicant or solutions supplied by the merchants inside their real shops or online portals and select loan option at consider.
As soon as a loan is set up by the customer/merchant, the mortgage details are confirmed and also the eligibility is examined by underwriting engine. On the basis of the eligibility associated with consumer the vendor cost details, advance payment, Trade In and borrower details Loan Eligibility go right here comes.
Consumer has got the choice to pick the loan choice by confirming the given information supplied by the machine.
The product additionally provides identical to money substitute for the client predicated on various criteria configured when you look at the system.