1.7 Personal Loan Requirements

This topic describes the section where you must provide loan-specific information, including the loan purpose, desired amount, and loan tenure.

Figure 1-10 Personal Loan Requirements


Description of Figure 1-10 follows
Description of "Figure 1-10 Personal Loan Requirements"

Note:

The fields which are marked as Required are mandatory.

For more information on fields, refer to the field description table.

Table 1-10 Personal Loan Requirements - Field Description

Field Name Description
Loan Purpose

The purpose for which the loan is being availed.

If this field is a dropdown, the options are:

  • Buy new home
  • Construct home
  • Home renovation
  • Other

Note:

Depending on the maintenance in OBO, this field can be a dropdown or an input field.
Loan Term

The tenure of the loan in terms of years, months, and days.

Note:

  1. The loan term must be within the minimum and maximum allowed range defined at the product level.
  2. The units in which the loan term can be captured will depend on the product maintenance for the same in OBO.
Loan Amount

The loan amount that you would like to borrow.

Note:

The loan amount must be within the minimum and maximum allowed range defined at the product level.
Interest Rate Type The type of interest rate to be applied on the loan i.e. fixed or floating.

Note:

In case only one type of interest rate is defined for the loan product, then this field will be a read only field and the interest rate type applicable will be displayed against it.

  1. From the Loan Purpose list, select the purpose for which the loan is being applied, if the field is a drop-down. If the field is an input field, enter the purpose of the loan.
  2. In the Loan Term lists and field, define the term of the loan in years, months and/or days.
  3. In the Loan Amount field, enter the loan amount that is to be borrowed.
  4. From the Interest Rate Type field, select the type of interest rate you want to be applied on the loan.
  5. Select the View Repayment Schedule option to view the loan repayment schedule in a detailed tabular form.
    The Loan Repayment Schedule gets displayed/

    Figure 1-11 Loan Repayment Schedule


    Description of Figure 1-11 follows
    Description of "Figure 1-11 Loan Repayment Schedule"

  6. Perform one of the following actions:
    • Click Continue to proceed to the next step in the application.
    • Click Back to navigate back to the previous step in the application.
    • Click on the Scan QR-code anytime to continue on mobile link to continue the application on mobile or tablet device.
    • Under the kebab menu, perform one of the following actions:
      • Click the Save and Continue Later option to save the application.
      • Click the Continue on Mobile option to continue the application on a mobile device.

Parent topic: Unsecured Personal Loan Application