QFund supports issue of loan products with multiple loan payment schedules, i.e., installment loans. QFund allows the authorized user to process an installment loan once a customer applies for a loan or the details are captured and the customer evinces interest in taking up the loan. QFund has interfaces on the storefront which enables store users to disburse new installment loans and record receipt of payments against each installment due.

There are two types of Installment loan:

1) Simple Interest based loan - The installment interest is to be calculated on the different days of last payment date and the current processing date.

2) Fixed Interest based loan- The installment interest has to be calculated on the diff days of last Installment due date and the current installment due date.


The APR is calculated based on Loan Amount, Interest Rate, Duration, Frequency, No. of Installments, End of Month and Next Payment date. It automates the APR calculations based on the values of Frequency, Duration, Loan amount, Interest rate and the first payment date.

The No. of installments is calculated based on the values selected for the Installment Duration, Frequency, End of Month and First Payment date

Features

• Two types of Installment Loans – Simple Interest based loan / Fixed Payments (Pre-computed) based loan
• Minimum Decision Points for CSR – Rules in the application address most of the parameters
  Multiple Collateral Types - Supports receipts of multiple checks as collateral against loans disbursed
• Number of installments auto computed by considering the Loan Term desired and the Income Frequency of the borrower
• Schedule of loan to be disbursed calculated based on Interest rate configured in the rules engine
• Alternate first payment date feature available in the application
• First payment date auto populated based on borrower’s next pay date
• End of Month options available for Monthly & Semi-Monthly frequencies
• Auto computation of revised check amount
• Rebate for early payoff guided by rule
• Refinance applicability for a store / state – controlled by a rule “Allow Refinance”

• Installment Loan/ Advance- New or existing borrowers can apply for an installment loan-
• Installment Payment - Borrowers can make partial payment against a loan, the payment amount can’t be less than the regular EMI. (For loan type as Simple the revised check amount equals the balance principal amount whereas for loans of type Fixed the revised check amount should be the balance principal amount plus the Interest for the next payment period.)
• Early Payoff - Borrowers can make full payment against a loan.
• Deposit- The solution automatically provides deposit transaction for the collateral check, if n payments are due and the grace period is elapsed.
• Clear Deposited Check - This indicates that the check that was deposited by has been honored by the Borrower’s bank.