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Open a loan application

Turn a customer into a loan file, choose the scheme, and see what is blocking the next stage before you press anything.

Step 5 of 11 · Credit officer

An application is opened for a customer, from their own record or from the lead they came in on.

The applications list, showing each file's stage, product, amount and how long it has been where it is
  1. 1Filter by stage. This is the pipeline view a credit desk works from each morning.
  2. 2The scheme, by code and name. It decides the bounds, the caps and the approvals for this file.
  3. 3The stage the file is at, in the words the workflow uses.
  4. 4Forwarded for approval — above the slab, so it has routed to an approver rather than being sanctioned here.
Every file, and how long it has been sitting where it is.

Choosing the scheme

The scheme decides the product's rules — its rate band, its approval slab, whether a field investigation is required, whether a guarantor is. Pick it and the form applies its bounds immediately: an amount outside the scheme's range is refused as you type, not at Save.

The stage rail

Every file shows where it is and what the next step needs. The blockers are listed before you press anything, so "cannot forward for approval" is never the first you hear of a missing document.

A loan application showing the workflow header with its stage, the approval status, and the amount and tenure
  1. 1Where the file is now. Every stage before it is dated and named.
  2. 2How long the file has taken end to end, and how many stages are done.
  3. 3The next step, what it does, and which role does it — before you press anything.
  4. 4Disbursement is maker-checker: the person who raises a tranche is never the one who releases it.
The next step, and what is blocking it, above everything else.

What happens at sanction

The scheme's terms are snapshotted onto the sanction. A later change to the scheme cannot alter a loan already sanctioned — the loan reads its own copy for the rest of its life.

After the decision, the file is closed

Once the credit decision is made, the origination record becomes read-only for everybody. A sanction has to evidence what was sanctioned; if something in it is wrong, raise a query and return the file for rework, and the correction carries a reason.

The application record page, showing parties, bureau, verification, assessment, collateral and appraisal as a read-only file
  1. 1From Disbursed onwards the record is read-only. A sanction has to evidence what was sanctioned.
  2. 2Where a stage was passed without something it asks for, the record says so rather than hiding it. On this demonstration file several were.
  3. 3A stage that was completed with its artefacts reads like this instead.
Past the decision the record has its own address, and nothing on it can be typed into.

The rules behind this screen are explained on the blog and the terms are defined in the glossary.

From the people who wrote this

Run your lending on Lenviq

Every screenshot on this page is the running product, taken from a demo tenant. A demo walks the same path with your own products and schemes in it.

Lenviq is loan origination, servicing and accounting for NBFCs, built by FastLegal Technologies.

Book a demoThe rest of the path
Or just ask+91 96641 46595WhatsApphello@lenviq.inWhat it implements, and the direction each one comes from