Process of Opening Car Loan in Finacle

Hi Friend, Today we learn about the process of Car Loan account opening in Finacle. We learn all the step in a simple way-

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



Case Study

Principal Amount:   2,50,000/-
Loan Tenure:           84 Month
Rate of Interest:      10.65%
EMI:                       4235/-
A/c opening Date : 06.09.2016



Now use the menu: HOAACLA



Step 1.



Cust ID: Write the Customer ID of Borrower
Scheme Code : LA101 ..then click on treesàSubmit

                                          àLA101-car loan EI-24501-TLàSelect

                                              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) – 1
  ( Note: This is diff. between ROI and MCLR of 1 year i.e 10.65 - 9.65 = 1)

Int. Rate Code: - LMCL5 ( this is for 1 year)
A/c. Pegged:- Yes
Pegging Review Date: 06.09.2017
    ( Note: One year from date of a/c opening i.e if a/c open on 06.09.2016 then Pegging Review date is 06.09.2017)
Pegging Freq. – 12

è Validate

Scheme


Loan Amount:– 2,50,000 (from above )
Loan Period:– 84
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:- Saving a/c of borrower for deduction of EMI
Debt Acknowledgement:-  usually date of a/c opening i.e 06.09.2016  

è Validate

LA Interest


Just à Validate


Flow Parameters


No of installments: 84
( Note- Don’t change in any other field, all other field already filled as per scheme)

è Validate

Flow Details


(Note – in this section we can see the calculated EMI, it should be match with above i.e 4235/-
And also obtained the Amortization Schedule i.e EMI chart.)

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: 09302 @vehicle four wheeler
Mode of Adv: DA
Types of Adv: TL
Nature of Adv:
Gurantee cover code: NA
Industry type: NA
Free Code 3: TF

è Validate

Account limit


Sanction Date:-06.09.2016
Expiry Date- 06.09.2023
Document Date: 06.09.2016
Review Date: 0.09.2017
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

Write the temporary a/c number and forward for final verification.


Now we complete the all process and hope it will be helpful to you all while opening a car loan account. I welcome your comment if you want to share with me.


Thanks…!!!