This topic describes the structure of the Unsecured Personal Loan application, which captures information regarding the applicant's personal, employment, disbursement details, loan requirements and financial information.

An unsecured personal loan is a personal loan on which no collateral is provided; hence its issuance is based solely on the applicant’s credit worthiness.

The unsecured personal loan application has been built so as to capture loan requirements as well as basic personal, employment and financial information of the applicant.

The application form is Optical Character Recognition (OCR) enabled so as to save the prospect applicant’s time and effort in filling out the application form. At present, Optical Character Recognition support is available on the personal ID and financial documents (Salary Slip and Bank Account Statement) Personal Information section and employment information section gets prefilled with information fetched through Optical Character Recognition based on the document uploaded.

Online KYC of the prospect can also be conducted by means of liveness check or through integration with third party identity verification service providers. For more information, please refer User Manual Oracle Banking Digital Experience Originations - KYC Modes.

Once the applicant’s identity is verified successfully through online KYC, he/she will be able to proceed with the application form. The personal information section will also be prefilled with information as fetched on the basis of the identification provided.

Existing digital banking customers can simply provide their online banking credentials to have the personal information section of the form prefilled with information as maintained with the bank.

Additional features that have been built into the application are enabling google map integration for capture of addresses, QR code scan enablement to continue applications on mobile devices, etc.

The application form has been designed in a manner that ensures that the information being captured adheres to all the regulations imposed by the US government. Additionally, all required disclosures and notices are also displayed as part of the application form.

The GenAI-powered personalized repayment schedule is an advanced feature designed to offer a flexible and intelligent loan repayment experience. Unlike traditional fixed EMI structures, this feature dynamically adjusts monthly instalment amounts based on customer’s spending patterns and financial capacity.

The application tracker has been built so as to enable tracking of the application once it has been submitted. The application tracker also enables the applicant to retrieve and complete an application that has been saved. Additionally, the applicant can view documents that have been uploaded as part of the application form and can also view details as defined in the application form in PDF format.

Note:

Oracle Banking Digital Experience is integrated with Oracle KYC to fetch the applicant’s risk level (high risk or low risk) along with the reference number for the same as generated in the Oracle KYC system, at the time of application submission. Oracle Banking Digital Experience will further send this information to the mid office system to be utilized as required.

Following are the steps involved in the application submission:

• Zip Code Specification: Once you select the Personal Loan product category from the Product Offerings section, you will be displayed a modal window in which you will be required to specify the zip code of your home address. All products with rates and charges for the specific location (based on your zip code) will be listed down on the Product Listing page.
• Product Selection: All the personal loan products, available for your location (as per zip code specified) will be listed on the Product Listing page. Each product will be listed as a separate card which will display the name and image of the product along with a short description, features and the options to view further details, or to apply for the product. The additional option to select the product so as to compare it with others within the same category will also be provided on each card. You can select a maximum of three products for comparison.
• Kick Off: This page serves as an introduction to the application form. You can also view the documents required to be uploaded as part of the application. As an applicant, you can identify how you are going to proceed with the application. If you are a new/unregistered user, you can continue as a guest, or if you are an existing online banking customer you can login with your online banking credentials to have your information pre-populated in the application.
• Mobile Verification: This step is applicable if you are filling out the application as a new/unregistered user. You will be instructed to enter your mobile number, after which the system will identify whether your mobile number is already registered with the bank or not. You will then be required to enter the OTP sent to this mobile number in order to proceed with the application form.
• Online KYC: Online KYC of the applicant can be done through any of the following modes, depending on which mode has been enabled by the bank in the Originations Workflow Maintenance screen available to bank administrators.
  1. Liveness Check – Selfie Capture
  2. (National) ID Verification

  For more information on Online KYC and modes, please refer to the user manual User Manual Oracle Banking Digital Experience Originations - KYC Modes

• Financial Profile – The capture of financial information is dependent on the maintenances in the mid office system that impact the product being applied for. Additionally if the overdraft feature is opted for, it would be mandatory to capture the financial information of atleast one applicant in the form, as identified on the kickoff page.
• Loan Requirements - In this section you are required to specify information related to the loan such as loan amount and tenure of the loan.
• Disbursement & Repayment – In this section, you can specify details of the account in which the sanctioned loan amount is to be disbursed along with details of the account from which the regular loan repayments are to be made. This section will be part of the application form only in case the capture of disbursement and repayment information is mandatory for the product selected. This section will be mandatory for the Instant Personal Loan applications.
• Personal Information – This section captures information pertaining to your personal information which will include your full name, date of birth, address details, etc. You can opt to upload an identity proof document to have the information on this section pre-populated or you can alternately enter the required information manually.
• Employment Information – Employment details for the primary and/or joint applicant might need to be collected or could be an optional part of the form, based on the bank administrator's settings in the Originations Workflow Maintenance screen.

  The initial entry should provide details of your current primary job. You can include more entries to document about other current or previous job information.

• General Questions – If the product selected is “Instant Personal Loan”, an additional section called “General Questions” is displayed. It gathers further information from user that allows quick processing of the Instant Personal Loan. Instant Personal Loan allows straight through processing of the loan application.
• Review and Submit – Once you have filled out all the information required in the personal loan application form, you will be displayed this information on the review page. You can verify the details provided and if required, can edit the information in any sections by selecting the option provided against each section.
• Terms of Service – On having reviewed the application, you can then proceed to view the terms and conditions of the personal loan you are applying for. Additionally, all other disclosures and notices related to your application will also be displayed on this page. You are required to read through each disclosure and notice and provide your consent wherever required.

  You can also add a digital signature by means of uploading a document containing your signature or by physically signing the provided space if you are filling out the application from a touchscreen device.

• Confirmation – Once you have submitted your application after having reviewed it and having accepted the terms and conditions, a confirmation page will be displayed. This page will display a success message along with the application reference number. You can track your application on the basis of this reference number. Additionally, this page will also contain a button, by clicking on which you can navigate to the application tracker.

Apart from the Review and Submit and Confirmation steps, the sequence of the remaining steps may vary based on the configuration maintained for the product applications, by the bank.

To apply for personal loan:

1. Perform anyone of the following navigation for the Personal Loan application.
   • From the Bank Portal page, goto Product Offeringssection, and then click Retail tab. Under Retail tab, click Personal Loan.
   • From the Bank Portal page, click Customer Services , then click Our Products .

     The Product Offeringspage is loaded, click Personal, and then click Personal Loan.

   A modal window in which you are required to specify the zip code of your home address, is displayed.

• Enter Zip Code
  This topic describes the products available in area based on the zip code entered.
• Personal Loans - Product Listing
  This topic describes the page on which the Personal Loans products offered by the bank that can be applied for online are displayed.
• EMI Calculator
  This topic describes the tool which enables customers to gain an estimate of their regular loan repayments (EMIs).
• Personal Loan - Product Details
  This topic describes the product details page.
• Personal Loan – Product Comparison
  This topic describes the functionality that enables users to compare the features of products within a specific product category.
• Kick Off Page
  This topic describes the product application kick off page and the options available to the applicant to proceed with the application form.
• Mobile Verification
  This topic describes the section of the application form where you provide your personal information.
• Personal Information
  This topic describes the section of the application form where you provide your personal information.
• Employment Information
  This topic describes the section where you can provide your employment details.
• Financial Profile
  This topic describes the section which captures information about the applicant/s financial details pertaining to their income, expenses, assets, and liabilities.
• Personal Loan Requirements
  This topic describes the section where you must provide loan-specific information, including the loan purpose, desired amount, and loan tenure.
• Disbursement & Repayment
  This topic describes the section of the application form where you can specify the account for loan disbursement, following successful processing and sanction of your application.
• General Questions
  This topic describes the section of the loan application form that includes questions used by the bank for loan application assessment.
• Review and Submit
  This topic describes how to review and edit your application summary.
• Terms of Service
  This topic describes the terms and conditions associated with the product for which you are applying.
• Submitted Application - Confirmation
  This topic describes the confirmation page that appears after application submission.
• Existing User
  This topic describes the product application process for existing customers.