The Loan Products Page

The Loan Products Section contains all the information needed to create and manage your loan products (ie policies that govern your loans)

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To get to this page, simply log into the Merchant Portal and click on the Loan Products Tab on the Menu Navigation bar.

You are presented with the following

1. All Loan Products: This table displays all the loan products created under your account. It displays the following info on them:

   • Name of Loan Product

   • Status of Loan Product: 

   • Loan Range

   • Validity Period

   • Approval Workflow

   • Loan Type

   • Repayment Frequency of Loan

2. Search Filter: You can search through available loan products on the table using the search filter on the side of the page

3. Create New Products: A call to action to kick off the process of creating a new loan product

4. Create New Rule: A call to action to kick off the process to create a new loan rule to govern the loan product. Once this button is clicked, the user is redirected to the create new rules page under Settings.

Create New Loan Product

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This section allows an admin (or a user with sufficient rights) the ability to create Loan Products (policies) that their customers can apply for via the Originate Platform. 

The Loan Product Creation is split into the following sub-sections

1. Product Details

2. Loan Details

3. Repayment Details

4. Loan Processing Fees

5. Late Fees (Penalties)

Once a user has completed all aforementioned sections within the form, they can successfully create their loan product.

Product Details

This section contains details which define the basic metadata associated with the product you are creating. It requires the user to input the following information:

• Name of Loan Product

• Validity Period of Loan Product

• The workflow associated with approvals for applications using this Loan Product

• Loan Rules to be associated with Loan Product

Loan Details

This section collects information on the applicable amount and loan durations that will be applied on the loan product. It requires a user to input the following information:

• Select a Loan Type:  This can either be a Regular or Graduated type Loan

• Applicable Loan Amounts (both minimum and maximum)

• Applicable Loan Duration - tenure of the loan product for one loan cycle.

Repayment Details

This section collects information on how the repayments would be structured for the Loan Product. It requires a user to input the following information:

• Interest Rate on Loan Product

• Interest Calculation Method: This is how the user would like interests to be calculated. The two available options are as follows:

  • Flat Interest Calculation: In this method, interest is not accrued over time i.e. is flat throughout the repayment cycle. The interest due depends only on the interest rate, principal amount and time between repayments.

  • Declining Balance With Equal Installments: In this method, the interest is also calculated on the outstanding principal amount. The difference in this method is that the client will pay equal installments for the duration of the loan.

• Repayment Frequency of Loan: This is how frequently the user would like the repayments to come for their loan product.

Loan Processing Fees

This section collects information on the processing fees to be applied to the loan product. It requires a user to input the following information:

• An Opt-In to collect Loan Processing Fees

• Format for Loan Fee: It can be either a fixed price or percentage of the principal

Late Fees (Penalties)

This section collects information on the late fees the merchant would like to attribute to the loan product. It requires a user to input the following information:

• Late Fee Type: This can be either percentage or fixed

• Amount / Value in Percentage for Late fee - Depending on what was picked

• Late Fee Principal: This is to determine whether to apply a percentage of either the principal amount or the outstanding balance left on the loan.

• Grace Period: This allows users the flexibility to extend a grace period (in days) before the late fee is collected.

• Fee Frequency: The frequency at which the late fees will be collected.