Analysis & Product Selection
1 Analysis
After the loan application was submitted by the customer, the system runs some checks and calculations using Configuring the Business Formulas to reveals for which product(s) the user qualifies.
The page We're verifying your application contains the message The verification process may take a few minutes, but we'll let you know as soon as it's complete.
During the time the customer waits for the result, the system calculates the eligibility of the customer for:
- Requested offer - The amount and tenor inserted by the customer based on the travel cost calculated previously after adding a flight, accommodation, car rental and travel insurance.
- Maximum Offer - The max amount and tenor permitted by DTI
The Debt-to-Income ratio (DTI) is a personal indicator of a good balance between debt and income.
Monthly debt payment amount / Monthly gross amount (before taxes and other deductions). and by the products in Banking Product Factory.
If the potential customer is not eligible for at least one product for the three products from Banking Product Factory, then the loan application is rejected.
If the potential customer is eligible for one or two or all three products, the screen Congratulations! Your Loan request has been approved is displayed with the message That’s great news CustomerName! Next, you can check out the personalized loan offers we prepared for you.
Click See loan offers.
2 Product Selection
In this step, when the analysis response is positive, the customer is presented with a list of options from which to choose. The cards displayed are those for which the customer is approved. The calculations for the products are done using Configuring the Business Formulas, while the products are those created using Banking Product Factory. There are three loans available for this solution:
- Nomad Personal Loan
- Globetrotter Personal Loan
- Safe Travel Personal Loan.
In the previous step, the maximum offer was calculated. When the customer reaches the page, a notification is displayed to the customer informing them that they qualify (if it is the case) for a larger amount.
To switch to the maximum offer, click Check it out. All the offers presented in the page for the products modified to accommodate the new loan amount. Based on the calculations, the amount and tenor for the approved loan are displayed at the top of the screen. To close the notification, tap outside the notification section.
Depending on the banking product code, the products are displayed in a certain order. Choose the desired product, but the loan is already approved for every product option.
There is the following information available for each product:
- Product name
- APR The Annual Percentage Rate (APR) is the cost you pay each year to borrow money, including fees, expressed as a percentage.
- Grace period A period officially allowed for payment of a sum due or for compliance with a law or condition, especially an extended period granted.
- Interest (% and type, all 3 have fixed interest)
- monthly payment.
For each product, there is an info point on the top right corner. By clicking on it, a new screen is displayed with:
- Interest percent: The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the loan amount.
- APR The Annual Percentage Rate (APR) is the cost you pay each year to borrow money, including fees, expressed as a percentage.
- Monthly installment: Monthly Installment means the monthly payments of interest required to be made by the borrower to the lender.
- Monthly insurance cost: The payment for the insurance on a monthly basis.
- Monthly administration fee: The cost for the administration of the loan paid monthly.
- Total insurance cost: The total cost for the insurance of the loan.
- Total fees: The cost for the fees the bank charges.
- Total repayment: Total Repayment Amount means the principal amount of the loan plus interest, i.e. total repayment amount means the sum of all scheduled or projected payments of funds that the recipient agrees to pay to the provider.
To exit this screen click the x symbol on the top right corner of the screen.
Select a product by tapping on it, and click Continue to sign the contract.