Student and Education Loan
If your institution offers Education Loans to customers you will need an application that can handle the various types of individuals and the variations in norms and documentation like handling the income documents of the salaried individuals and practicing professionals like Doctors and Chartered Accountants.
What is Education Loans?
Education Loans are advances provided to customers so that they can pursue an education qualification of their choice. The loan is usually backed by collateral and has an holiday period. The loan is advanced to the customer and the parent is included as a co-borrower. The tenure of this loan can be between 12 months to 180 months
AnyBank Suite and Education Loans
The AB Suite can handle financial products targeteted at different types of customers. Parameters are defined for a product and for the Customer Constitution. This allows us to handle Student and Education loans of varying tenures. It also allows us to handle variations in the quantum of loan funded. The product configuration can include structured fees and levies that are not limited to Processing, Documentation and Advance EMI's. Documents are specific to the customer constitution and can include among others the
- Employment Proof
- Identity Proof
- Proof of Residence
- Income Proof (Salary Slip, IT Returns)
- Bank Statement
Computation of Eligibility Norms and Credit Norms is automatic. We also offer interfaces to credit bureaus to fetch the credit report automatically. Interest computation on Loan accounts is automatic and can be based on an amortization schedule or Daily reducing balance method. We offer ACH, PDC's and on field collections as repayment methods. We also offer payment by several payment gateways.
Delinquencies flow into the delinquent module called AB CAPE and cases are allocated based on an allocation logic. Telecalling and field visits are recorded before cases are escalated and moved to various buckets as DPD increases. Case documentation and Case filing is also supported with readymade templates. AB CAPE also offers a method to securitize loans.