Digital Lending–India Essentials
Digital Lending—India provides banks and financial institutions with a comprehensive platform for consumer lending. It’s an end-to-end loan origination solution that helps streamline the application intake, underwriter review, and pre-disbursement processes for loan types, such as home, auto, and personal loans.
Required Editions
| Available in: Lightning Experience |
| Available in: Professional, Enterprise, and Unlimited Editions |
Digital Lending–India Essentials is a collection of terms, key objects, and key concepts designed to help you navigate Digital Lending–India. This collection is based on the real-world scenario of Rahul Gupta's home loan application to Cumulus Bank.
- Product
- A financial product such as a specific loan product, insurance, savings account, and credit card. In this case, Rahul is applying for a home loan.
- Product Fees
- Fees or charges associated with availing the product. For Rahul's home loan, the fees or charges can include processing fees, documentation fees, and so on.
- Product List Rate
- Standard or advertised interest rate for a specific product such as a loan and a savings account. Represents the interest rate that a customer can receive under normal circumstances without adjustment. In Rahul’s case, this can mean the standard interest rate on his home loan.
- Insurance Policy
- Represents the type of insurance policy, such as auto or property associated with the financial asset.
- Insurance Policy Asset
- Represents the customer property or specific collateral asset for which insurance coverage is tracked.
- Index Rate
- The benchmark interest rate used as a reference point for financial products such as adjustable-rate loans.
- Terms
- Master data of all possible terms to sanction a particular product or to avail an offer or proposal associated with the product. For instance, the bank can impose a condition requiring Rahul to repay 10% of the loan within the first five years as a condition for sanctioning his home loan.
- Term Related Object
- A junction object relating a term to a product. For example, in the context of Rahul Gupta applying for a home loan, the term related object tracks the specific terms associated with his home loan product. This object also includes the effective date when the term is related to the product and information on whether this relationship is active.
- Deviations
- Anomalies found while evaluating an application. For example, if Rahul's age or time until retirement is beyond the acceptable threshold, or if the loan-to-value ratio is above an acceptable threshold. Stores common anomalies as primary data. Application form products reference these records to track deviations.
- Data Use Purpose
- Represents the purpose behind the usage of the collected data of a customer. For example, in Rahul’s case, when he applies for a home loan, the data use purpose can include a credit pull or conducting surveys to gather feedback on the loan application process.
- Authorization Form
- Stores the name, version, and effective dates of the authorization form. You can use the revision number to determine if you’re using the current version. You can also link to a default authorization form text record to be used if text isn’t available for a specific language. For example, the authorization form associated with Rahul Gupta’s application stores the name, version, and effective dates of the form he signed. If the form is revised, the revision number helps make sure that Rahul is using the most current version.
- Authorization Form Text
- Manages the text associated with the authorization form. For example, in Rahul Gupta’s case when he’s applying for a home loan, the authorization form text can include multiple versions to support different languages, regions, and situations. In addition, this object can also store a summary describing the form’s purpose. The purpose can state an explanation as to why his consent is needed for processing the loan application. This summary can then be shown to Rahul when asking for his consent.
- Financial Account Balance
- Represents the details about a financial account balance associated with the loan product.
- Financial Account
- Represents a financing option, such as a home loan or lease related to a customer.
- Financial Account Party Financial Asset
- Represents information about a party asset associated with a financial account. Specific asset owned by a party to a financial account. Track collateral or assets associated with the lending agreement.
- Application Form
- The central object that tracks the loan application form. The usage type should be Loan Origination. This object is where Rahul's home loan application is tracked.
- Applicant
- A child object of the Application Form. Represents either a new-to-bank customer or an existing customer applying for a new product. Rahul, as the applicant, has a lookup to Party Profile which stores his Know Your Customer (KYC) information. The applicant object has related objects such as Person Employment, Party Income, Party Expense, Party Financial Asset, Party Financial Liability, and Party Credit Profile. These objects track his employment records, income and expense records, asset and liability records, and credit records. Rahul's contact details and his role as the Primary Applicant for this application form are also stored here.
- Application Form Product
- A child object of the Application Form, used to track product-specific details. For Rahul, the product-specific details are a home loan of INR 50 lakhs with a requested tenure of 10 years for repayment.
- Application Form Seller Item
- A child object of Application Form Product, used to track specific details of the loan asset for the product. For Rahul's home loan, the details can include the property price, address, and so on.
- Application Form Product Deviation
- A child object of an Application Form Product. Anomalies found with respect to a specific application form product. For example, consider a case where Rahul's home loan of INR 50 lakhs is for a property priced at INR 55 lakhs. Here, a deviation can be tracked because the loan-to-value ratio is above an acceptable limit of 70%.
- Application Form Product Fees
- A child object of an Application Form Product. The fee is charged with respect to a particular application form product. For example, a 5% processing fee for documents of Rahul's home loan of INR 50 lakhs.
- Application Form Terms
- A child object of Application Form. Terms and conditions associated with a particular loan application. For example, for Rahul's home loan, the property tax certificate must be submitted within a year.
- Application Form Participant
- Represents individuals or stakeholders involved in the review and processing of the application, distinct from the applicants. This record tracks participants involved in application review or processing such as Underwriters, Loan Officers, Intermediary team members, or Field Investigators.
- Application Form Product Participant
- Represents information about the application form product participant. Specifies the role of a participant (user or group) in relation to a specific product requested within the application. Assign roles at the product level, such as designating a field investigator for a mortgage collateral.
- Application Form Product Proposal Attribute
- Stores the key attributes and values of a proposal that directly impact pricing. This includes primary parameters, such as loan amount and tenure, as well as influencing factors, such as broker name and credit score.
- Application Form Product Collateral
- Represents a physical or financial asset that is pledged as collateral for an application form product. Links a physical or financial asset (such as a vehicle or property) to a specific loan product on the application, designating it as security for the loan.
- Appraisal
- Represents the appraisal for one or more items. Record tracking the comprehensive assessment process for determining the value of one or more assets.
- Appraisal Item
- Represents an item that is appraised, such as a vehicle or an asset. The specific physical asset or property being evaluated within an appraisal, such as a vehicle, or property.
- Appraisal Item Provider Valuation
- Represents a valuation of the item that is appraised. The value assigned to a specific appraisal item by the lender or an external source, third-party provider, or pricing guide.
- Appraisal Adjustment
- Represents an adjustment for the appraisal or an appraisal item. A positive or negative modification applied to the base value of an appraisal or specific asset. These adjustments account for factors, such as condition, mileage, upgrades, or market fluctuations.
- Information Verification
- Represents the details of the information verification initiated for an object. For example, in the context of Rahul Gupta applying for a home loan, information verification can include verifying his address, employment, and other relevant details. This object has a polymorphic lookup to Application Form and Party Profile, and it stores the results of the physical verifications related to these objects.
- Application Form Evaluation
- An object to store the evaluation records of the application form. For example, for Rahul Gupta's home loan application, this object’s records store review comments from underwriters at different levels, documenting their evaluations and feedback on his application form.
- Application Form Product Proposal
- A child object of an Application Form Product. A proposal of interest rate and interest rate type, along with dates for validity, details of monthly payment, total interest, and term. This object represents whether an instance is a pre-qualification proposal or a final proposal. For example, when Rahul Gupta is applying for a home loan, the application form product proposal can include details such as the proposed interest rate and interest rate type, validity dates, monthly payment amounts, total interest, and loan term.
- Application Action Item
- Stores the action items related to the application form, assigned by underwriters, midoffice reps, credit processing assistants, or operations officers to other managers or officers in their team. For example, when Rahul Gupta is applying for a home loan, the application action item can include tasks such as verifying documents, obtaining missing documents from the applicant, or completing credit checks. In the same context, a midoffice rep can assign an application action item to the relationship manager to collect Rahul’s income proof for evaluation. This object has a polymorphic lookup to Application, Application Form Product, Applicant, and Application Form Product Deviation. The object tracks action items, including details, such as due dates, status, type, and assignment information.
- Payment Mandate
- Used to store repayment details including dates, mandate amount, frequency, and bank account information. For example, for Rahul Gupta’s home loan application, the payment mandate can include information such as the repayment effective date and end date, EMI amounts, payment frequency, and Rahul's bank account details for processing the loan repayments.
- Party Profile
- Store KYC information (know your customer information) of an applicant or account. For Rahul, this can include his personal identification details. See Know Your Customers.
- Party Profile Address
- Represents the address of the party profile and contains flags to indicate whether the address is a current address and also whether it’s a permanent address. For example, Rahul's party profile record can include multiple addresses and specify whether the address is permanent and also whether it’s current.
- Party Income
- Income record of a Party Profile or Applicant. For example, you can associate multiple income records with Rahul's Party Profile or Applicant record. Each income record includes information about Rahul’s income type, income amount, and income frequency.
- Party Expense
- Expense record of a Party Profile or Applicant. For example, you can associate multiple expense records with Rahul's Party Profile or Applicant record. Each expense record includes information about the expense type, amount, and recurrence interval.
- Party Financial Asset
- Financial asset record of a Party Profile or Applicant. Multiple financial asset records can be associated with a Party Profile or Applicant. For Rahul, this record can include physical assets such as a property or a car, or financial assets such as stocks.
- Party Financial Liability
- Financial liability record of a Party Profile or Applicant. Multiple financial liability records can be associated with a Party Profile or Applicant. For Rahul, this record can include a loan or a credit card liability.
- Party Identity Verification
- Identity verification, which can be a part of the Know Your Customer (KYC) process. Associated with Party Profile. For Rahul, identify verification involves Aadhaar authentication or PAN authentication.
- Party Identity Verification Step
- Steps in an identity verification. For example, PAN OCR (Optical Character Recognition) and name match of the party profile with PAN are two steps in the PAN-based identity verification for Rahul.
- Party Screening Summary
- Checks of a customer or applicant's information to prevent fraud or high risk. For example, Anti Money Laundering (AML) screening or matching Rahul's name against sanction lists. This is associated with the Party Profile.
- Party Screening Step
- Steps in a Party Screening. For example, steps for an anti-money laundering check can involve checking Rahul's name against multiple sanction lists.
- Person Employment
- Stores Applicant’s employment information. This object has a lookup to Applicant, Party Profile, Account, and Contact. In addition, it contains a flag to indicate current employment. Digital Lending–India creates person employment records based on data entered in the intake process. These records are related to the Applicant (Rahul) and not to the Party Profile, as this is considered point-in-time data related to an applicant or customer's employment details. This is in the context of a particular application.
- Party Credit Profile
- Used to store credit details including credit score, total exposure amount, and date of credit pull. Can be related to both Applicant and Party Profile. It’s not created through any process in Digital Lending India currently, however, it’s useful for customers to track credit information of applicants such as Rahul.
- Party Credit Profile Inquiry
- Represents the details of requests to access a borrower's credit report, initiated either by the financial institution or by external organizations. These inquiries serve as a record of credit activity and can influence the assessment of a borrower's risk profile.
- Party Credit Profile Financial Account
- Represents information about financial accounts, such as a credit card, an auto loan, or a mortgage account, reported by a credit bureau. Helps lenders to review the details of a borrower's accounts, both active and inactive.
- Party Credit Profile Financial Account Activity
- Represents information about the payments made by a borrower reported by a credit bureau. Reveals a borrower's payment behavior on past debts, indicating timely, delayed, or skipped payments.
- Party Credit Profile Alert
- Represents the alerts and triggers raised against a borrower's credit activities, such as sudden score changes, new accounts, and payment defaults. Aids in detecting fraud, identifying borrower errors, and facilitating verification processes.
- Party Financial Asset Lien
- Represents information of a lien held by another lender on the party asset. For the property which Rahul declares as a financial Asset, this can indicate if another lender has a lien on his property.
- Party Financial Asset Additional Owner
- Additional owner of a financial asset owned by an Applicant or Party Profile. For Rahul, this can be another owner for his property or car.
- Party Financial Liability Additional Borrower
- Represents an Applicant or Account who is an additional borrower for the party financial liability. For Rahul, this can be another borrower for an existing loan or a credit card liability.
- Party Financial Asset Relationship
- Represents the relationship between financial assets. The object relates one party financial asset to another and is used for grouping assets to be pledged together as collateral. For example, an asset can be a part of multiple groups of assets, each group being pledged for a specific loan.
- Party Financial Asset Term
- Represents the term or condition associated with the party financial asset. Specifies the contractual terms, legal conditions, or restrictions attached to a customer's asset. This records details such as ownership tenure, existing liens, or specific covenants that affect the asset's eligibility or value as collateral.
- Program
- Represents a structured initiative or service offering designed to assist applicants. This record acts as a framework that can influence specific discounts or pricing adjustments for financial products.
- Program Product
- Represents a junction between Program and Product2, stores the product values specific to a Program. This object links a specific commercial product (Product2) to a broader Program. It facilitates offering products under specific initiatives, such as a regulatory government scheme that allows employees of a certain industry to avail a specific type of loan at favorable rates.
Did this article solve your issue?
Let us know so we can improve!
