AUTO EQUITY loan
QFund covers functionalities related to Auto Equity loan that can be provided to Borrowers. For any Borrower to avail this loan, they must be registered with QFund.
- It allows the CSR to capture the Vehicle Condition details to find out the qualified loan amount.
- Any borrowerâ€™s loan amount is restricted by the amount he gets qualified to after running Tele-track.
- Transfer of title from the borrowerâ€™s name to the lending company, with daily alerts provided for pending transfers or alerts on pre-configured rules.
Controls in the application:
The various controls that are verified & affected by the application during the life cycle of an Auto Equity Loan are:
Controls for automating functions a couple of critical functions during the lifecycle of a loan
- APR definition
- Fee configuration for all fees applicable
- No. of missed installments before a notice letter is sent
- Late fee grace period, if applicable
- Collection notice days
- Refund applicability
The application is controlled by the following status codes which determine loan applicability
- Customer status code
- Loan status code
- Title status code
- AEL Collection Status
- AEL Loan- New or existing borrowers can apply for a loan.
- Installment Payment - Borrowers can make their payments in installments.
- Early Payoff - Borrowers can make full payment against a loan.
- eposit- The solution automatically provides deposit transaction for the collateral check, if n payments are due and the grace period is elapsed.