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Qfund

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.

Features

  • It allows the CSR to capture the Vehicle Condition details to find out the qualified loan amount.
  • Any borrower’s loan amount is restricted by the amount he gets qualified to after running Tele-track.
  • Transfer of title from the borrower’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:

Rules
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

Status codes
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

Transactions

  • 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.