LABOD account opening in Finacle

Hello Friend,
In our previous post we tell about opening of Car loan account  and Festival Advance . Now here we comes with the Process of LABOD account opening in Finacle. We all know that LABOD ( Loan Against Bank Own Deposit) can be given toward the various deposit such as Fixed Deposit Receipt etc.

Here we discuss when a customer approach us for loan against their Fixed Deposit Receipt (FDR).
As we know we can given loan up to 95% of FDR and received Interest 1% more than the rate of interest of FDR.

First of all we considered the following case study after sanction that help us to complete the process:-



Case Study

FDR Amount:   75,000/-
Maturity Date:   23.07.2017
Rate of Interest: 7.30%

LABOD A/c opening Date : 09.09.2016
Lets require loan amount : 50,000


Now use the menu: HOAACLA

Step 1.

Cust ID: Write the Customer ID of Borrower
Scheme Code : LA172 ..then click on treesàSubmit

                            àLA172-LABOD-Non EMI-24361-Loan Agn Bank Own DepositàSelect

                                              Then àAccept


Step-2

General

Charge Level: Select from trees
Location Code: Select from trees as branch location
Mode of Operation: 001

è Validate

A/c Interest

A/c Pref. Int.(Dr) – 8.30
  ( Note: This is total of ROI of FDR and 1 i.e 7.30 + 1 = 8.30)
And Don't change in any other field, leave it as usual ,
see as below-

è Validate

Scheme

Loan Amount:– 50,000 (from above )
Loan Period:– 12
Credit file No. – write as per your branch
Review level:– select from trees
Review Authority: – select from tress as per your branch authority
Operative A/c ID:- Not needed
Debt Acknowledgement:-  usually date of a/c opening i.e 09.09.2016  

è Validate

LA Interest

Just à Validate

Flow Parameters

No of installments: 1
Installment start date : Maturity date of FDR
Int. Start Date : After one month
Installment freq. - Bullet ------ Date--------Previous
Int. freq              -  Montly-----09(date of a/c open)-----previous

See as below:

è Validate

Flow Details

Just validate

è Validate

Miscellaneous

Sector code: - 290.  Other Non Priority
Sub Sector Code: Select from trees As per borrowers
Occupation Code: - Select from trees As per borrowers
Borrowers Category:- Select from trees As per borrowers
Purpose of Advances: 09512
Mode of Adv: DA
Types of Adv: LABOD
Nature of Adv:
Gurantee cover code: NA
Industry type: NA
Free Code 3: TF

è Validate

Account limit


Sanction Date:-09.09.2016
Expiry Date- 09.09.2017
Document Date: 09.09.2016
Review Date: NOT REQUIRED
Sanction level: select from trees as per sanction letter
Sanction Authority: Select from trees as per sanction letter
Limit refence no:  writer as per sanction letter
Drawing Power: E-Equal

è Validate

Document

Document Code: DPNTL
Received Date: 06.09.2016
Expiry Date:06.09.2019

è Submit

Now temporary a/c generated.

I hope it will help you to open a LABOD a/c in Finacle. After opening a/c of LABOD, we should have to doing following -

Collateral Linkage Maintenance for LABOD account

Thanks.