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Loan Approval Management System

Overview


Power Finance is one of the major developments Financial Institution in India providing Fund based Services like Term Loan, Bill Discounting, Equipment Leasing and Non funds based services like Guarantee Services, Consultancy Services etc. for the power projects in India. PFC's major customers include State Electricity Boards, State Power Generation, Transmission and Distribution Companies, Central and Joint Sector and private sector power companies. PFC till date has extended loans/ financial assistance for about 1500 loans.

Solution


Power Finance is one of the major developments Financial Institution in India providing Fund based Services like Term Loan, Bill Discounting, Equipment Leasing and Non funds based services like Guarantee Services, Consultancy Services etc. for the power projects in India. PFC's major customers include State Electricity Boards, State Power Generation, Transmission and Distribution Companies, Central and Joint Sector and private sector power companies. PFC till date has extended loans/ financial assistance for about 1500 loans.

Functionality Overview



Functionality Overview

Key Features


  • Online Loan Submission:the application handled the loan submission for the major power projects like:
  • Thermal Loan application: Loan for setting up thermal based power plant.
  • Hydro Loan Application: Loan for setting up Hydro based Power plant.
  • Transmission and Distribution Loan Application: loan for setting up transmission and distribution of electric powers.
  • Short Term Loan: any short term loan required for miscellaneous purpose like up gradation of machinery, setting up additional unit and etc.
  • The application captures all the details related to each loan with each loan application having around 15 forms where all the information like project brief, loan amount requested, plan for utilization of loan phased year wise, location details with ownership proof, fuel availability details, implementation plans and benefits to the region and etc. Besides the filling up of forms the application also allows user to upload document in support of their projects.
  • Loan Management Workflow: once a loan application has been submitted, it enters into an internal workflow. COMM-IT's loan management workflow allows the application to be routed to various individuals in a linear fashion as per the workflow and hierarchy pre-defined in the system. This allows the each individual at PFC to review the application, give comments and approve/reject the loan and forward it to the next individual in the hierarchy.
  • Vendor Registration: the vendor registration allows PFC to register all their vendors who are eligible for applying for Loan. A user id and password is created for each loan applicant using which they can submit their loan application.
  • Web enabled Back-end Support System: a complete web enabled back end support system is provided at PFC which would allow authorized PFC employee to track all the application and respond to various queries of the applicant. A search engine is provided for searching and retrieving application on various permutations and combinations. Using Web enabled back end support system the PFC administrator can set the alerts ad schedules along with the email criteria's.
  • Document Management System: a complete document management system to store, manage and retrieve all documents related to Loan application is provided. This allows for efficient management, search and retrieval of document submitted in relation of loan at the click of a button.
  • Full-Text Search: implementation of Full-Text Search on the Documents stored in the Document Management System i.e. SQL Server.
  • E-mail Alerts: a complete email alerts system has been implemented. The email alert has been configured for both the PFC employee as well as the Loan applicant. The loan applicants are informed about their application status at each status of the loan evaluation workflow. The PFC employees are also informed about new application and application forwarded to them by their colleagues via email. The PFC employees received email filtered to their loan application only for they have been assigned the task by the administrator.
  • Scheduler: a complete scheduler for task like email, document upload and download has been implemented using which the task can be scheduled to be performed automatically.
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