1.9 Loan Requirements

This topic describes the section of the application form where applicants provide information about the purpose of the loan, the estimated cost, customer contribution.

Figure 1-18 Loan Requirements


Description of Figure 1-18 follows
Description of "Figure 1-18 Loan Requirements"

Note:

The fields which are marked as Required are mandatory.

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

Table 1-19 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.
Estimated Cost The estimated cost of the machinery being purchased /expansion/ factory, etc.
Customer Contribution The contribution of the business towards the purchase of the machinery/factory/expansion, as the case may be.
Loan Term

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

Note:

The loan term must be within the minimum and maximum allowed range defined at the product level.
Loan Amount

The amount of the loan.

Note: The loan amount will be populated once the estimated cost and customer contribution are specified.

  1. From the Loan Purpose list, select the purpose for which the loan is being applied, if the field is a dropdown. If the field is an input field, enter the purpose of the loan.
  2. In the Estimated Cost field, enter the estimated cost of the machinery being purchased /expansion/ factory, etc.
  3. In the Customer Contribution field, enter the contribution of the business towards the purchase of the machinery/factory/expansion.
  4. In the Loan Term lists and field, define the term of the loan in years, months and/or days.
  5. 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: Business Term Loans Application