Predefined Banking Products

When you decide to offer your customers new products, you can benefit from a faster time to market by using our sample banking products that come along with the accelerators. You can also use the sample banking products to test them out in digital journeys before modifying and transforming them into your very own products, ready to be launched on the market.

The SME Mobile Lending solution comes with a series of pre-configured, ready to use banking products, as follows: Seasonal Trading Loan, Start-up Unsecured Loan, Flexible Unsecured Loan, and Revolving Credit Limit. These products are set up as unsecured term loan, with their differences described further on this page.

Use these products as they are if you find they fill your business needs, or use them as starting points for your custom products to define tailored offerings for your customers. Based on your business requirements, modify the existing products by versioning them or create new products by duplication, so that they are ready to be used in your journeys.

Seasonal Trading Loan

The Seasonal Trading Loan banking product was configured as an Unsecured Term Loan product type for SME customers' seasonal needs, with flexible repayments. Customers can take up loans ranging between EUR 1,000 and 100,000 with no advance, for periods of 1 to 60 months.

To ease the servicing processes for this loan, the disbursement was set to be automatically performed at the contract approval. The loan is non-revolving, doesn't allow refinancing or any co-debtors, and doesn't require guarantees. The repayment schedule is set for equal installment monthly payments, with a generous 6 months grace period, so that the SME customer can pay their installments later on without any penalties, when funds become available depending on their seasonal business needs.

To speed up development and implementation time, as well as increase flexibility, use the predefined interest and commissions lists. These are automatically loaded at the contract level, where you can apply the desired ones. To provide predictability of the loan costs, we've implemented a Fixed type interest in the list, with a value of 8%, and two commissions: a EUR 50 one-time front-end analysis fee, and a EUR 5 monthly administration fee included in the repayment schedule, both automatically loaded on contracts. On contract creation, a discount of 1 point on interest can be applied for the SME that receive an income. Thus, your customers can see up-front the projected costs of the financed loan, knowing that the reimbursed amounts stay the same.

A series of readily available questions, usable in the eligibility and underwriting processes, are linked to the product. For example, you can filter out customers with County Court sentences or bankruptcy within a set period of time. You can add as many questions as you want based on your product needs, approve them, and start using them in your journeys to filter out ineligible customers.

To further service your launched loan product in contracts using Loan Management's capabilities, we recommend using the following allowed transactions, which are already linked to the sample product: disbursement, early repayment, payment holiday, reschedule overdues, and reschedule debt. For a friction-free contract management process, the product is set up for automatic contract closure after full repayment. More servicing settings for your products can be defined as described here.

Start-up Unsecured Loan

Just as the Seasonal Trading Loan banking product, the Start-up Unsecured Loan banking product was configured as an Unsecured Term Loan product type for SME customers, with fixed repayments and low fees. Customers can take up loans ranging between EUR 1,000 and 100,000 with no advance, for periods of 1 to 60 months.

For the current product, the disbursement was also set to be automatically performed at the contract approval. The loan is non-revolving, doesn't allow refinancing or any co-debtors, and doesn't require guarantees. The repayment schedule is set for equal installment monthly payments, but this time with no grace periods allowed, so the SME must repay its notified amounts on the due dates.

The predefined interest and commissions lists, automatically loaded at the contract level, provide lower loan costs that the previous product, applying a Fixed interest of 5.5%, a EUR 10 one-time front-end analysis fee, and no monthly administration fees. On contract creation, a discount of 1 point on interest can be applied for the SME that receive an income. Thus, your customers can see up-front the projected costs of the financed loan, knowing that the reimbursed amounts stay the same.

The questions and the servicing settings are set up as for the previous, Seasonal Trading Loan banking product.

Flexible Unsecured Loan

This product's definition differs from Start-up Unsecured Loan only by its availability, which for Flexible Unsecured Loan is between EUR 500 and 100,000, by the floating interest rates of 4.5% over EURIBOR 6M, and the two commissions: a EUR 50 one-time front-end analysis fee, and a EUR 5 monthly administration fee included in the repayment schedule, both automatically loaded on contracts.

Revolving Credit Limit

The Revolving Credit Limit banking product was also configured as an Unsecured Term Loan product type for SME customers, so that they can benefit of cash easily whenever their business requires it. Customers can take up loans ranging between EUR 500 and 20,000 with no advance, for periods of 12 months.

To grant access to funding on the moment the customer needs it, the loan is set with a revolving credit limit, so that after the funds are repaid by the customer, the credit limit becomes whole again. The disbursement of funds happens upon the customer's request, and not on contract approval. There are no refinancing options or co-debtors, and it doesn't require guarantees. The repayment schedule is set for equal installment monthly payments, with no grace period.

To speed up development and implementation time, as well as increase flexibility, use the predefined interest and commissions lists. These are automatically loaded at the contract level, where you can apply the desired ones. To provide predictability of the loan costs, we've implemented a Fixed type interest in the list, with a value of 16%, a EUR 0 analysis fee, and a EUR 15 monthly administration fee included in the repayment schedule. Thus, your customers can see up-front the projected costs of the financed loan, knowing that the reimbursed amounts stay the same.

There are no questions set up for the eligibility and underwriting processes, but you can define them according to your business requirements. For example, you can filter out customers with County Court sentences or bankruptcy within a set period of time. You can add as many questions as you want based on your product needs, approve them, and start using them in your journeys to filter out ineligible customers.

To further service your launched loan product in contracts using Loan Management's capabilities, we recommend using the following allowed transactions, which are already linked to the sample product: disbursement, early repayment, payment holiday, reschedule overdues, and reschedule debt. More servicing settings for your products can be defined as described here.