Loan Origination System

Loan origination includes all the steps from loan application up to disbursal of funds. The Loan Origination System (LOS) is developed primarily to support the loan application processing needs of banks and financial institutions. It employs workflow technology to control and monitor the various work steps in the loan processing and uses digital imaging technology to reduce the delays and inefficiencies in handling paper documents.

Technology Used:
  • Golang
  • HTML
  • MySQL

Key challenges

  • Branch checks the preliminary eligibility of the Customer.
  • Branch / Customer fills the Loan Application Form (Paperwork).
  • Branch sends the physical Application form to HO (Loan Department).
  • Branch waits for additional Customer Documents.
  • Loan Department reviews the Application and sends it back to the Branch for missing details.
  • Branch Officer will do a review.
  • Branch fills in the application and appends the details.
  • Loan Department reviews the application, provides its remarks and sanctions/rejects.
  • CEO sanctions/rejects with remarks.
  • Executive committee sanctions/rejects with remarks.
  • Accounts Team/Branch manually creates a Loan account in CBS.
  • Extreme Delay in process.
  • No soft copy of the application.
  • No tracking of duplication.
  • No update to the customer throughout the process.

Solution Implementation

  • Application can open from Branch, Web or Mobile.
  • Support all types of the loan based on master setting.
  • Every application can digitally transfer from Branch-HO-Authority Person.
  • Document management of application.
  • Checklist for check task complete or not.
  • Assign application to authority to add status (one or many authorized persons)
  • Keep in touch with client through SMS.
  • Checking for duplication on various points like client PAN number.
  • Complete summary of application on report.
  • Get sanction letter on loan sanctioned.

Results

Loan Origination System
Loan Origination System
Loan Origination System

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