QFund covers functionalities related to Auto Equity loan that can be provided to Borrowers. For any Borrower to avail this loan, they must be registered with QFund.

Features

• It allows the CSR to capture the Vehicle Condition details to find out the qualified loan amount.
• Any borrower’s loan amount is restricted by the amount he gets qualified to after running Tele-track.
• Transfer of title from the borrower’s name to the lending company, with daily alerts provided for pending transfers or alerts on pre-configured rules.

Controls in the application:
The various controls that are verified & affected by the application during the life cycle of an
  Auto Equity Loan are:

Rules
Controls for automating functions a couple of critical functions during the lifecycle of a loan

• APR definition
• Fee configuration for all fees applicable
• No. of missed installments before a notice letter is sent
• Late fee grace period, if applicable
• Collection notice days
• Refund applicability

• Customer status code
• Loan status code
• Title status code
• AEL Collection Status

Transactions

• AEL Loan- New or existing borrowers can apply for a loan.
  
• Installment Payment - Borrowers can make their payments in installments.
  
• Early Payoff - Borrowers can make full payment against a loan.
  
• eposit- The solution automatically provides deposit transaction for the collateral check, if n payments are due and the grace period is elapsed.