Streamline your dealer management system process flow in loan agreements

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[Music] hi friends today we will discuss about loan management system loan management system help automate the servicing and management of multiple loan products so in a bank or financial institution you will have a multiple loan products you have a housing loan you have a weekly loan you have a personal loan under the loan products you will have sub products to manage these products are servicing the customers lms is useful through lms you can improve quality turnaround time and service for end users end users is and customers lms includes following activities enquiries transactions approvals collaterals documents client settlement document tracking register reports others enquiry is mainly classified like payoff amount customer can come to branch or he can call through phone and he can ask now i want to close my loan what is a payoff amount loan can be running from last five months or six months you have to verify the report and you have to tell him like this is the payoff amount customer can ask for the inter certificate after financial year and customer can ask for the provisional interest certificate normally provisional interest certificate will be given on the starting of the financial year means first april itself you can give a provisional inter certificate after financial year you can give a enter certificate balance certificate you can ask what is the my account balance on 30th june can you issue a certificate what is the my loan outstanding balance on 31st march can you issue me a certificate these things he can inquire and he can ask for the applicable rate of interest if it is a floating rate of interest interest rate will be coming down going up so you may ask what is the right term what is the rate applicable to my loan these enquiries can make customer with lms user front-end user can reply for all these enquiries so second is the transactions so when loan is disbursed the first thing will happen like monthly payment so customer has to repay the loan amount so this can be through cash check any more we can collect repayment amount from the customer so in transactions we'll take like ecs or match so undue date for example every month first our 10th or 15th so we have a scheduled it will generate a report the money we have to receive from the borrower from the customer then report will be generated with the from day to date for one week what are the payments are pending from the customer you can generate the report payment mode type whether cash how much what is the amount we have to receive if it is through check how much ecs these reports can be generated through lms system once you receive the reports then you have to present once you present then only you'll get money from other bank so easiest match we have to present and then when you get the money from other bank are some may be rejected or some may be passed so then you have to update the status also whether particular transaction is well passed are rejected these things you have to verify then you have to select the correct ledger so once your file is processed so if the successful transaction which generated it should go if it is a failed transaction where it has to go so how many batches we have prepared in every branch how many records are there so so we have to verify all those things while processing repayment files okay if it is check so previously we discussed robot if it is a ecs or match if they check then we have to get the checks like for example on 7th so these men many repayment pending from the customer and this should come from the sex we have to collect the cheques then validate the process then import the checks and we have to send it to the other bank then we should get the collections sometimes checks may be bounced so it will go to od over dual mode then we have to call the customers and we have to follow the od amount sometimes collection reversals since because of some technical reason maybe collections can be reversed then we have to reverse entire file then we have to regenerate a new file our collection corrections instead of thousand rupees if he has deposited 500 rupees then you have to change the amount and you have to do the correction also so if the collection a repayment amount comes through cash mode then we have to deposit the cash into our account then it should be transferred to loan account that adjustment entries see what is the principal outstanding what is the od interest everything whatever cash collected they should be adjusted to the principal and interest and here also sometimes collection normal collection was 1500 rupees but we have received only five hundred rupees so then you have to do the collection correction also changing the amount and correction you can do it second one will be pre-closure customer comes to the branch and he says i want to pre-close my loan before the due date then we have to calculate what is the outstanding balance is there any penalty what is the gap disinterest preclosure charges other charges we have to calculate and same information we have to give it to the customer during the pre-closure customer can request for the waiver of so he can waver offer the principal interest charges other charges so you have to take approval from your manager or regional office then you have to give the you have to get the approval for the waiver off then you have to get the final amount and same amount should be collected from the customer this pre-closure amount collected through a check or dd from ecs or transfer or a cash so once you collect and your adjusted entire amount to the principal and interest then properly you close the account and give a letter to the customer part payment if customer comes and says i have a part amount outstanding is 10 lakhs and still another 10 years have to pay but i have a 5 lux [Music] extra amount is there i want to credit to my loan account then we have to see whether is there any prepayment charges part payment charges if charges are there in my example are given two percent charges are there then five lakhs is paying means two percent is ten thousand rupees and gst is thousand eight hundred rupees so total ram you have to collect five lakhs from the customer and you have to remove the charges remaining four lakh eighty 88 200 rupees should be created to the loan account during credit this amount will be adjusted to the principal and interest and now it is a moratorium so moratorium can be like uh moratorium can be requested by the customer our maritime can be given by the bank in depend on the situation so interest during the moratorium you have two options whether you want to go for the interest capitalization yes or no if it is s means uncollected interest will be added to the principal and a new schedule will be generated during moratorium you have a world schedule for the 10 years emi is something 5700 rupees or 5800 rupees when you go going for a moratorium you can update the schedule so during the updation you can ask for the interest capitalization yes or no if capitalization is no then uncollected interest will be collected from the immediate first payment after moratorium so this interest will not be added to your new scheduled amount or principle outstanding it will be collected from the first payment after moratorium period so what type of moratoriums are there what are the categories so moratorium can be same emi you can change the if you say mi is there period can be changed it will be increased automatically or you want the same tenure emi will be changed or you are changing the interest rate period by emi will be changed depend on the amount you are selected or periodic selection normally if you select the bigger period then your emi will be less so what type of approvals available in [Music] lms because you know in banking every transaction should be processed through maker checker concept so all the transaction should be approved by the checker so collection approval collection reversal upload collection receipt approval free closure of proverb part payment approval marktorian property everything will goes to the checker checker has to verify then only this transaction will be completed so collateral linking so you know like you want a loan you have to give a collateral if it is a housing loan your house will be collateral if you say reiki loan your vehicle will be a collateral so in collateral after loan is credited then we'll enter the all the collateral details the details can be what is the house address what is the length what is the what type of building it is there what is the value everything will be entered into the collateral so this collateral will be added to the loan account second will be multiple collateral to loan account because my collateral is not sufficient i can give one more collateral if i am taking a housing loan my house is not sufficient to take my loan amount i can give a deposit so then in this scenario multiple collaterals means house and deposit will be linked to my loan collateral information already we discussed in collateral information you'll get all the if it is a weekly server collateral what is the made what is the engine number what type of what is the color vehicle everything will be captured in the collateral details this you can anytime you can enquire and you can see one collateral to multiple loans because you have a bigger collateral value but you have taken small loans two three loans you can link one collateral to multiple loans and release collateral if your account is closed your loan account is closed you have to release the collateral so that this collateral can be used to are linked to some other loan or revalidation for example you are taking a loan against a stock so every month or every three months you have to revalidate your stock because stock may price may go up or down are in business if you are using the as your ram material or your business purpose so you'll have it sometime it goes up goes down then you have to do a revalidation of your collateral so documents so depend on the loan depend on the product we have to collect the documents from the customer and same documents will be hand over to adoptees and document movement to safe deposit for example so we are collected documents related to the loan and it will be sent to the head office and these can be moved to a safe deposit where all the documents will be stored when our loan is closed these documents should be written to the customer claim settlement claim settlement in case you are given a loan and customer has expert then you have to do a death marking then after death marking you have to send it for the approval to the checker or head office then you have to process the claim so after the process you receive a money from insurance company maybe sometimes this insurance amount is equal to your loan amount or sometimes you'll get extra amount or sometimes you'll get the less amount so when you get the less less amount automatically you should be adjusted to your expenditure if you are getting more amount then that should be written to the customer so for example customer has taken a loan on gold then he could not repay on maturity then these gold will be auctioned under sold to a company then these amount will be adjusted to your loan and remaining amount will be given to the customer this is the claim settlement so what type of reports you can generate it from the lms system branch-wise loan disbursement so branch ways what is the loan amount disposed in in this day or month or quarter year you can generate the report all collection report so collections from cash r check r from nash ecs you can generate a all collection report branch-wise emi due summary demand versus collection what was the demand and what is the collection we are received customer wise waiver report how what is the waiver we are given to the customer device collection report overdue report check bone charge check bones details checkpoint charges customer account statement these can be generated from lms system other than reports what you can do like you have a loan conversion like you have taken loan and fixed rate and you want to move it to floating rate or you are taken floating rate then you want to change it to fixed or you want to change your emi you want to increase your emi because uh when loan has taken your salary was fifteen thousand now you are getting thirty thousand you want to pay more emi so you can change your emi index rate so initially your index rate is linked to g secret now we want to change it to repo rate all these things can be done through lms system this video is sponsored by ragini kodali she is into uk student visa processing from last 10 years need any further details please contact mrs ragini kodali mobile number mentioned on my screen thank you friends if you like my video please subscribe and share with your friends 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