Quotation
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This tool is designed to help you stage the client's repayment schedule before officially processing the loan application in Mobiloan. It provides the client with a clearer understanding of their affordability and potential borrowing options.
Each loan product comes with its own unique calculation methods, which are defined in the Fees section of the Loan Product Setup.
The pre-configured parameters for the selected loan product will be used to calculate the repayment schedule in the quotation.
Additionally, if the loan product is linked to an insurance policy, you can select the appropriate insurance policy and include the repayment portion for the insurance as part of the overall schedule.
The quotation tool offers flexibility, allowing you to include additional Calculation input parameters if needed by selecting the available options in the dropdown. Here are the available calculation options:
Loan Amount as Input: If you know the total loan amount you need, enter the value in the Loan Amount. The quotation will calculate your monthly repayment based on the loan amount and loan term.
Installment Amount as Input: If you have a specific monthly payment amount in mind that fits your budget, enter the amount. The tool will then calculate the maximum loan amount you can qualify for based on your desired installment amount and loan term.
Surplus Affordability: This option adjusts according to your available surplus affordability, allowing you to fine-tune the loan parameters further. Once the user selects "Calculate," an affordability dialog will appear (as shown below). The surplus amount determined will then be used to calculate the installment amount.
This step requires the input of the following fields before selecting "Calculate":
Payout Date: This defines the start date of the credit agreement period.
First Installment Date: This sets the date for the first installment and helps determine the subsequent installment dates, as well as the period for calculating the cost of credit.
Discount: This refers to any specific employer discount you wish to apply or anticipate applying in the future. It affects only the cost of credit (interest, service fees, and initiation fees).
Other Options:
First Annual Loan: This determines the interest rate for the loan. If it's a short-term transaction, the interest rate will be set to 5%. For longer-term loans, the rate will be 3%.
Split Collection Rounding: This option enables rounding of repayment amounts for split collections, providing a simplified and more manageable payment structure.
Add Early Settlement Date: Enable this option if you wish to specify an early settlement date. This will shorten the loan term, leading to a reduced cost of credit.
To view a detailed breakdown of the loan costs, simply select the "Calculate" option. Mobiloan will then display the repayment schedule based on the input parameters you've provided, as shown below:
Installment Details:
Installment number
Period covered (start and end dates, duration)
Outstanding balance at the beginning of the period
Fees:
Initiation fee
Interest charged for the period
Service fee
Insurance Details:
Credit Life Repayment portion
Voluntary Life (Insurance) Repayment option
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)
This breakdown provides a comprehensive overview of the loan's cost, helping you understand each component of the repayment structure.
