Abridged Loan
Last updated
Udara360 User Guide
Last updated
Abridged loan accounts enable you to process loans quickly and efficiently. This menu allows you to capture all the requirements to create a customer ID, create a repayment linked account and to create a loan account in a single flow. This menu is only applicable to new to the bank customers. This section will walk you through managing abridged loan accounts within the Udara360 CBA system.
Log into the application using your credentials.
From the dashboard, navigate to Accounts in the side menu.
Select Customer Account from the dropdown list.
Select Abridged Loan from the Customer Account dropdown list.
To create an abridged loan account for a user, perform the following steps:
Step 1: Input your Personal Information. The following information includes:
Title: Select the appropriate title (e.g., Mr., Mrs., Ms.).
Last Name: Enter the borrower's last name.
First Name: Enter the borrower's first name.
Other Names: If applicable, enter any additional names.
Bank Verification Number: Enter the borrower's valid bank verification number.
Country: Enter the country of residence.
State/Province: Enter the state of residence.
Date of Birth: Select the borrower's date of birth.
Gender: Select the appropriate gender (e.g. Male, Female).
Marital Status: Select the appropriate marital status.
Mean of Identification: Select the borrower's means of identification.
Means of Identification Number: Input the borrower's identification number.
Issue Date: Select the issued date from the borrower's identification.
Expiry Date: Select the expiry date on the borrower's Identification.
Place of Issue: Input identification location.
Click Next to go to the next step.
Step 2: Input your Contact Details. The following information includes:
Phone Number: Input the borrower's phone number.
Email: Input the borrower's valid email address.
LGA/Cities: Input the borrower's local government area.
Address: Input the borrower's residential address.
Click Next to go to the next step.
Step 3: Input your Next of Kin information. The following information includes:
Name: Input borrower's next of kin.
Email: Input the next of kin's email address.
Phone Number: Input the next of kin's phone number.
Relationship: Select the borrower's relationship with the next of kin (e.g. guardian, sister, brother).
Date of Birth: Select next of kin's date of birth.
Gender: Select the next of kin's gender.
Occupation: Input the next of kin's occupation.
Address: Input the next of kin's residential address.
Click Next to go to the next step.
Step 4: Input your borrower's Employment Details. The following information includes Employee ID Type: Select your employee ID type (e.g., Private Staff ID, Oracle Number).
Employee ID: Inpur your employee identification number.
Net Income: Indicate your monthly net income.
Employer Name: Input the name of your employer.
Ministries, Depts and Agencies: If applicable, select the relevant government ministry or department.
Pay Date: Specify your regular payday.
State of Employment: Select your state of employment.
Ministry/Local Govt Area: Select the relevant ministry or local government area if applicable.
Employment Date: Select the date you started working for your current employer.
Bank Name: Select your bank name (e.g., access bank, wema, sterling).
Bank Account Name: Input your account name.
Bank Account Number: Input your account number.
Click Next to go to the next step.
Step 5: Input your borrower's Loan Service Details. The following information includes:
Account Name: Enter the name of the borrower's account.
Branch: Select the branch where the account is located.
CASA Product Type: Choose the CASA (Current, Savings) product the account is linked to.
Account Officer: Select the account officer responsible for servicing the loan.
Click Next to go to the next step.
Step 6: Input your borrower's Loan Details. The following information includes:
Loan Product Name: Select the appropriate loan product from the dropdown list.
Lending Model: Choose the lending model (e.g., interest-only, principal and interest).
Economic Sector: Select the economic sector the borrower belongs to.
Loan Purpose: Enter the purpose of the loan.
Loan Principal Amount: Specify the total amount of the loan.
Select Applicable Interest: Choose the applicable interest rate type (e.g., fixed, floating).
Applicable Interest Rate: Enter the interest rate.
Override Product Interest Rate?: Indicate if you want to override the default interest rate for the loan product.
Repayment Option: Select the repayment option (e.g., monthly or quarterly).
Repayment Frequency: Specify the frequency of repayments.
Number of Installments: Enter the total number of instalments.
Tenure: Set the loan tenure (duration).
Interest Computation Mode: Choose the method for calculating interest (e.g., simple, compound). You can also click the Compute Interest button to assess one for you.
Apply Loan Fee: Click the Apply Load Fee Toggle to activate/deactivate the loan fee.
Loan Start Date: Select the loan start date.
Interest Accrual Start Date: Choose when the added interest will begin accruing.
Step 7: Select your Document type and Click Upload Documents for additional documents.
Step 8: Click Save.
Step 9: Click the "Yes, I want to proceed" button to reconfirm action.
