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Monday, 25 July 2011

Computerized Lending System


Most of the bank out-sources pre-loan process to loan agencies to reduce the burden and let the agencies pickup the information from customers and verify it before it is being forwarded to the actual bank for approval of loan.

Computerized Lending System Tree is an interface which facilitates a customer to apply for a loan from on-line and to track the status from time-to-time along with aiding the loan approval agency to verify and accept/reject the customer file. Computerized Lending System is unique in such a way, it not only helps the customers but also the loan agency to check the pending, assign it to a departments, complete the formalities and procedures between the departments and  arrive at decisions to very fact in addition to providing a transparency system for every one.

The customer can directly apply for a loan by selecting a bank and loan type from the list available. The application is received by loan agency who will have three departments- Pickup, Verification and Legal. This system can be controlled by the administrator. First he will look at the application received and allot the application for a particular employee of pickup department. The employee will go and make a physical verification of the documents at the customers and receives the documents necessary for the loan. Then he logs into this system and forwards the application to the verification department which will verify the whereabouts of the person, his organization, his salary particulars etc. and then forwards the application with a status verified. Then application reaches the legal department. The legal department people will verify the builder details and when satisfied sends their report to the administrator.
The administrator or final approving authority views both types of reports, Viz, the reports from verification department and the report legal department. This will help him to take a decision regarding whether to forward it to the bank or not. The same is communicated to the customer.
The customer can at any time view the status of his application and can send any messages to the administrator and can get clarifications from him. Thus the Computerized Lending System s/w helps to simplify the loan system along with making the work easy.
There are 5 types of users who can get immense benefits from system:
·        The customer - seeking the loan and information related to banks and loans
·        The administrator of loan agency who will take track the decision of bank to approve or disapprove and also controls the overall system functionality
·        The PickUp department users who picks up the details and documents from customers
·        The verification department user who make a physical verification of the details submitted by the customer
·        The legal department user who verifies the legality of the documents of the builder and construction.
Technologies Used: J2Se, Servlets, JSP, JDBC and Java Script.
Existing System:
                   Here the existing system is a manual one using which the banking agent can’t maintain the effectively by sharing across different branches with proper security and can’t track details easily. It doesn’t provide proper co-ordination between different departments of the company. It doesn’t allow the customer to check the status of his file in proper way which leads customer dis-satisfaction.

Ø Doesn’t provide faster and effective system
Ø Doesn’t provide good co-ordination between departments
Ø Doesn’t provide effective forwarding system to move the file from one level to another
Ø Doesn’t user-friendly interface
Ø Difficulty in generating different reports as per the business requirement
Ø Doesn’t facilitate the services from online
Proposed System: The online automated system with web-based architecture can support issues like.
Ø This system maintains the information related different departments and stored at a central DB, which leads easy accessibility and consistency
Ø Interest rates of different banks and the other details are also available at the click of a mouse.
Ø Customer can apply for a loan and track his file details from online.
Ø The decision process in faster and more consistent
Ø Provides good communication between two departments
Ø Provides a facility to generate the reports very easily.

Application design

The major functionality of this product is divided into two categories.
                 1. Administrative User Functions.
                 2. PickUp Dept User Functions. 
                 3. Verification Dept User Functions.    
                 4. Legal Dept User Functions
                5.  Customer Functions
Administrative User Functions: Administrators can perform the following task.
·        Create/Update/Delete New Banks Info
·        View the list of banks
·        Create/Update/Delete New Departments.
·        View List of Departments
·        Create/Update/Delete Employee Info
·        View the list of Banks
·        Manage loans info related to different banks
·        View the list applications and assign it to pickup dept employees
·        Sending messages to customers
·        View the pending applications
·        Update the status of the application
·        Generate reports

PickUp Dept User Functions: This user can perform the following task
·        View the list of applications assigned to him
·        Store the list of documents info that the customer has submitted
·        Forward the application to verification
Verification Dept User Functions: This user can perform the following task
·        View the list applications forwarded by different employees of PickUp Dept
·        Verify the details
·        Forward applications to Administrator

Legal Dept User Functions: This user can perform the following task

·        Register Builder Info
·        Store the documents info
·        Generate APF no for the builder

Customer Functions: This user can perform the following task

·        View the list of banks and their interest rates info

·        Apply for loan in a bank
·        Check the loan application status
·        Messages

Number of Modules:
The system after careful analysis has been identified to present itself with the following modules:

1. Administrator Module: This module is responsible for coordinating the other modules. It allows the administrator create, update/delete and view the banks information and it allows admin to create create/update/delete and view different departments and it can create logins for different employees in each and every department and it can manage loan interest rates of different banks etc. It facilitates to view the new applicant details and assign it to different employees in pickup department initially. It allows the administrator to view customer application finally from verification department and builder details from legal department and then store bank final opinion in this application. It also allows to generate different reports for business analysis. It provides messaging facility for the administrator for communication.

2. PickUp Module: This module allows the pickup department to view their applications which are assigned to them, collect the documents according to the checklist and forward it to verification department.

3. Verification Module: This module allows the employees of verification department employees to view the forwarded application from pickup department and check the details as per the documents and forward it to next level.

4. Legal Module: This module allows the employee of legal departments to check verify legal documents of the builder, verify the check list and then generate the APF no for the builder.

5. Customer Module: This module allows the customer to view the interest rates of the banks which we are dealing, apply for a loan, check the status of the loan at any point of time and communicate with the administrator if necessary. It allows messaging facility for communication.


HARDWARE REQUIREMENTS                              
PROCESSOR    :  Intel 2.0 GHz or above
HARD DISK     :  80 GB
RAM                 :    512 MB RAM.


OPERATING SYSTEM                     : WINDOWS XP with SP2. 
SERVER                                     : APACHE TOMCAT 5.5/6.0
ARCHITECTURE                      : 3-TIER ARCHITECTURE.

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