Step 4 - Product

Loan Product Selection

In this step, you will need to choose the most suitable loan product for your client. This selection determines the structure and terms of the loan.

Field Name	Description
Loan Product	Select the type of loan product being applied for.
Insurance	Choose a voluntary insurance policy for the loan. (If the loan product chosen requires this)
Instalment Frequency	Select how often loan repayments will be made (e.g., weekly, monthly).
Authorized Employer	Select the employer authorized for payroll deduction or loan approval. This is used solely for factoring in predefined discount calculations. If the desired employer is not listed, please choose "Other."
This Loan First Instalment	Select the date of the first installment, used for interest calculation.
Amount	Enter the total loan amount being requested.
Instalments	Specify the number of installments for loan repayment.

Optional Insurance

Some loan products come with an authorized insurance policy as a requirement. If your client wants to exclude this coverage, simply de-select the "Voluntary Insurance" or "Credit Life" checkbox.

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Maximum Feature

After entering the first installment date, a "Maximum" button will appear. Clicking this button will automatically calculate the highest loan amount your client qualifies for, based on various repayment periods.

This calculation is powered by Mobiloan’s advanced affordability algorithm, which takes into account factors such as the client’s surplus, repayment capacity, and predefined affordability limits to determine the optimal loan amount.

Once the system completes the calculation, a dialog box will appear displaying different maximum loan options.

Simply select the most suitable option from the list, as shown in the screenshot below.

To generate a loan summary, ensure all required fields are filled in, then click "Calculate".

In the case of a coupled Groups R US insurance policy being chosen- Mobiloan will automatically populate the Groups R US policy values and display them on the screen. The premium cost will be shown, and if accepted, it will be seamlessly included in the client’s monthly loan payment and affordability assessment.

Mobiloan will then load a loan summary table - in preparation for the next step of the origination workflow.

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Viewing the Repayment Schedule

For a more detailed breakdown of loan costs, you can select the "Repayment Schedule" option.

The schedule itself consists of the following values :

• Installment Details:

  • Installment number

  • Period covered (start & end dates, duration)

  • Outstanding balance at the beginning of the period

• Fees:

  • Initiation fee

  • Interest charged for the period

  • Service fee (if applicable)

• VAT Discount:

  • Any reductions applied to the Value-Added Tax (VAT)

• Payment Information:

  • Total amount due (principal + interest + fees)

  • Amount collected (initially blank until payments are recorded)

  

  The repayment schedule (Totals at the bottom summarize each column (e.g., total interest paid))

Discount Column

The Discount column reflects any reductions applied to an installment due to rounding adjustments and Maximum Cost of Credit regulations.

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