An unsecured personal loan is a personal loan for which no collateral is provided; hence its issuance is based solely on the applicant’s credit worthiness.
The application for unsecured personal loans has been built so as to capture the loan requirements as well as the basic personal (including employment and contact information) and financial information of the applicants. All required disclosures and notices are displayed as part of the application and the regulations imposed by the US government have been kept in mind while identifying information to be captured.
The app tracker has been built so as to enable tracking of the application once it has been submitted. The application tracker also enables the applicant to retrieve and complete an application that has been saved. Additionally, the applicant can perform certain tasks from the app tracker such as uploading documents required by the bank, specifying loan account preferences, etc.
Unsecured Personal Loans Workflow
The unsecured personal loan account opening application goes through a particular cycle. Following are the steps involved in the loan account opening application:
How to reach here:
Dashboard > Personal Loan
To apply for personal loan:
State of Residence
Field Name |
Description |
---|---|
Please select your state of residence |
|
Select State |
You are required to select the state in which you reside. |
Loan Requirement
Field Name |
Description |
---|---|
Help us understand your loan requirements |
|
Loan Purpose |
The reason for which the loan application is being made. |
Loan Amount |
The loan amount (in US dollars) that you would like to borrow. |
Loan Term |
The tenure of the loan in terms of years and months. |
Would you like to add a co-applicant? |
You can identify whether a co-applicant is to be added to the application or not. |
Is Co-applicant an existing user |
Indicates whether co-applicant is an existing user. This field is displayed, if you have selected Yes, in the Would you like to add a co-applicant? field. |
Co-applicant Customer ID |
You are required to enter the co-applicant’s customer ID, if the co-applicant is an existing user. This field is displayed, if you have selected Yes, in the Is Co-ApplicantAn applicant refers to an individual or a non-individual (organization or trust) who has applied for one or more main lines. an existing user ? field. |
Send Verification Code via |
Indicates the channel on which the verification code is to be sent. The options are:
This field appears, if you select Yes, in the Is Co-Applicant an existing user ? field. |
In the primary Information screen enter the appropriate information like, salutation, first name, last name, date of birth, citizenship, etc.
Primary Information
Field Name |
Description |
---|---|
Salutation |
Identify your salutation. The options are:
|
First Name |
Enter your first name. |
Middle Name |
Enter your middle name here. This field is optional. |
Last Name |
Enter your last name here. |
Suffix (Optional) |
Enter your suffix here. This field is optional. |
Date of Birth |
Your date of birth in format MM/DDDirect Debit/YYYY. The system validates your date of birth against your state of residence so as to identify whether you have attained age of majority as per your state specifications. |
Citizenship |
The country of which you are a citizenship. By default, United States will be selected. You can change this value to reflect the country of which you are a citizen. |
Permanent Resident |
You are required to identify whether you are a permanent resident of the United States or not. If your citizenship is any other than United States and if you are also not a permanent resident of the United States, you will not be able to proceed with the application as, currently, only US citizens or resident aliens are allowed to submit applications only. |
Country of Residence |
This field is enabled only if you have identified that you are not a permanent resident of the United States by selecting No in the Permanent Resident field. In this case, you are required to indentify the country in which you reside. |
In the proof of identity section enter the social security number, identity proof details.
Proof of Identity
Field Name |
Description |
---|---|
Social Security Number |
Enter your Social Security Number. |
Type of Identification |
The identification that you want to provide as proof of identity. The identification type could be:
|
State of Issue |
The state in which your ID as selected in Type of Identification field, has been issued. This field is not displayed if you have selected State ID or Driving License in Type of Identification list. |
ID Number |
Identification number corresponding to the identification type. |
Expiration Date |
The date on which your ID expires. The system will validate if the expiration date has passed or if it is a valid date i.e. not one that is too ahead in the future (the number of years will be defined by the bank) and will display an appropriate error message. In this case, you can either modify the expiration date or select a different ID to submit as proof of identity, one which has a valid expiration date. |
In the contact information section enter contact details including your email address, phone numbers, and current residential address.
You will be required to enter details of your previous residence if you have stayed at your current residence for less than the amount of time required. This amount of time is defined by the bank in terms of years.
Contact Information
Field Name |
Description |
---|---|
|
|
|
Your Email ID. |
Confirm Email |
Re-enter the email ID to confirm. |
Phone Number |
|
Phone Type |
Type of phone. The options are:
|
Primary Phone Number |
Phone number corresponding to the selected phone type. |
Alternate phone number |
You can select Yes if you want to add an alternate phone number. It is not mandatory to add an alternate phone number. |
Phone Type |
Type of phone number that is being added as an alternate number. The options are the same as those available for the phone type of primary phone number. The type selected as primary phone type will not be part of the list. Hence you cannot enter two phone numbers of the same type. This field appears if you select Yes in the Add an alternate phone number field. |
Phone Number |
Phone number corresponding to the alternate phone type. This field appears if you select Yes in the Add an alternate phone number field. |
Residential Address |
|
Accommodation Type |
The type of residence. The accommodation types are:
|
Address 1-2 |
Your address details. |
City |
The city in which you reside. |
State |
The state in which you reside. The state that you selected upfront will be displayed in this field. You will not be able to change the state here. |
Zip Code |
The zip code of your residence. You can enter the zip code in format zip+4 in addition to regular format. |
Staying Since |
Date since which you have been residing at the current address. If you identify a date that is less than the minimum amount of time required for you to have resided in the current residence, the system will display fields in which you can specify you previous residence address. |
Previous Residential Address |
|
Accommodation Type |
The type of residence. The accommodation types are:
|
Address line 1-2 |
Address line 1 and 2 of your previous residence. |
City |
The city in which you resided previously. |
State |
The state in which you resided previously. The state that you selected upfront will be displayed here by default and can be changed. |
Zip Code |
The zip code of your previous residence. You can enter the zip code in format zip+4 in addition to regular format. |
In this section enter details of your employment over a defined period starting with your current primary employment. The details required are type of employment, subsequent status, date on which specific employment was started and if you are salaried or self employed, the company or employer name. If the amount of time at which you have been employed in your current employment is less than the required amount, the system will display fields in which you can enter details of previous employment.
Employment Information
Field Name |
Description |
---|---|
Primary Employment |
|
Employment Type |
The type of your current primary employment. The types are:
|
Employment Status |
The status of your employment. The options in this field will depend on your selection as employment type. If you have selected the option Salaried or Self Employed the options will be:
If you have selected the option Others, the options will be:
|
Company Name or Employer |
Name of the company or firm at which you are employed. |
Start Date |
The date on which you started current employment. |
Additional Employment |
|
Employment Type |
The type employment. The types are:
|
Employment Status |
The status of your employment. The options in this field will depend on your selection as employment type. If you have selected the option Salaried or Self Employed the options will be:
If you have selected the option Others, the options will be:
|
Company Name or Employer |
Name of the company or firm at which you are/ were employed. |
Start Date |
The date on which you started employment at the specific company or organization. |
Start Date |
The date on which your employment at the specific company or organization ended. |
Note: You can lick to edit the employment information.
The Financial Profile screen appears with Income, Expense, Asset, and Liability sections.
This page comprises of multiple sections in which you can enter your financial details in the form of incomes, expenses, assets and liabilities.
Financial Profile
In this section enter details of all income that you want to be considered. Hence, any income earned as alimony or child support need not be identified here if you do not wish for it to be considered.
You can add multiple records of income up to a defined limit. Click the to add additional income records and the
icon against a specific record to delete it.
Income Information
Field Name |
Description |
---|---|
Primary Income |
|
Source of Income |
Indicates the source of primary income. The income type could be:
|
Gross Income |
Gross amount of income earned. |
Net Income |
Net amount of income. The net income field will be defaulted with the gross income amount entered and can be changed. |
Frequency |
The frequency at which you earn the particular income. Examples of income frequency can be Monthly, Yearly, etc. By default Yearly will be selected in this field. You can change this value as required. |
In this section enter details of all expenses you incur on a regular basis. You can add multiple expense records up to a defined limit. Click the to add additional income records and the
icon against a specific record to delete it.
Expense Information
Field Name |
Description |
---|---|
Primary Expense |
|
Type of Expense |
The type of expense. Example - household, school fees, etc. |
Total Expense Value |
The total value of expenditure against the specific type identified. |
Frequency of Expense |
The frequency at which you incur the specific expense. By default the value Monthly will be selected and can be changed. |
In this section enter details of all assets owned by you. You can add multiple asset records up to a defined limit. Click the to add additional asset records and the
icon against a specific record to delete it.
Assets
Field Name |
Description |
---|---|
Primary Assets |
|
Type of Asset |
Type of assets owned by you. Examples of assets are – Home, Savings account with bank, etc |
Value |
The market value of the asset. |
In this section enter details of all your liabilities. You can add multiple records up to a defined limit. Click the to add additional records and the
icon against a specific record to delete it.
Liabilities
Field Name |
Description |
---|---|
Primary Liability |
|
Type of Liability |
The type of liability being defined. Examples can be home loan, personal loan, credit card debt, etc. |
Original Value |
Original value of the liability. |
Outstanding Value |
Outstanding value of the liability. |
The review and submit page consists of the following two sub sections:
Disclosures and Consents
Field Name |
Description |
---|---|
ESIGN Disclosure |
|
I have reviewed and consent to the ESIGN Disclosure |
Select this check box to provide consent to the ESIGN Disclosure. |
Additional Disclosure |
|
I acknowledge that I have reviewed and agree to the Product Legal Documents and Privacy Policy Notice |
Select this check box to acknowledge that you have reviewed the product legal documents and the privacy policy of the bank. |
To register an applicant:
Register Applicant
Field Name |
Description |
---|---|
|
The email ID of the applicant. |
Confirm Email |
To confirm re-enter the email ID entered in the Email field. |
Password |
Indicates the password required for login. |
Confirm Password |
To confirm re-enter the password entered in the Password field. |
Field Name |
Description |
---|---|
|
The email ID of the co-applicant. This field will be displayed only if the co-applicant involved in the application is not registered with the bank |
You can cancel your application at any step while filling in the application form.
To cancel an application:
Cancel Application
Field Name |
Description |
---|---|
What is the reason for cancelling? |
Indicates the reason to cancel an application. The cancellation reason could be:
|
Please Specify |
Specify the reason to cancel the application. This field appears if you select Others option in the Reason for Cancelling. |
There will be two scenarios in this case
To save an application:
Save and Complete Later
Field Name |
Description |
---|---|
|
The email ID of the user. |
Confirm Email |
To confirm re-enter the email ID entered in the Email field. |
Password |
Indicates the password required for login. |
Confirm Password |
To confirm re-enter the password entered in the Password field. |
Note: The saved application appears in Track Application under In Draft. You can click the application summary and resume application submission process.
The track application allows you to view the progress of the application. Through track application you can:
To track an application:
Submitted Application
Field Name |
Description |
---|---|
Loan Offer Name |
The name of the offer selected during application. |
Application ID |
Application reference number. It is a unique number generated by the application and allotted to an application. |
Amount |
The approved loan amount. |
Applicant Name |
Name of the loan applicant. |
Submitted On |
Application submission date. |
Status |
Current status of the application. |
Application Summary
Field Name |
Description |
---|---|
Application Summary |
|
Applicant ID |
Application reference number. It is a unique number generated by the application and allotted to an application. |
Applicant Name |
Name of the loan applicant. |
Purpose |
Purpose of loan application. |
Submitted On |
Application submission date. |
Loan Amount |
The approved loan amount. |
Status |
Current status of the application. |
Tenure |
Loan repayment tenure. |
Account Configuration
This section allows you to view and configure the features of the loan account.
Field Name |
Description |
---|---|
Pay only interest for the initial period |
Indicates if you wish to pay only interest at the beginning of the loan. |
Interest Only Term |
The interest only term in terms of years and months. This field appears if you select Yes option in the Pay only interest for the initial period field. |
Principal and Interest Repayment Frequency |
The principal and interest repayment frequency. The frequency could be:
|
Fixed rate for the initial period |
Indicates to avail fixed rate of interest loan. |
Fixed Rate Term |
Term for fixed rate of interest in terms of years and months. This field is displayed if you select Yes option in the Fixed rate for the initial period field. |
Avail Redraw Facility |
Indicates whether redraw facility is required on the loan account. |
Statement Required |
Indicates whether loan statement is required. |
Statement Frequency |
Frequency to receive the loan statement. This field appears if you select Yes option in the Statement Required field. |
Account Summary
Field Name |
Description |
---|---|
Account Summary |
|
Rate Type |
Indicates the rate type of the loan, it could be fixed or variable or both. |
Frequency |
The principal and interest repayment frequency. The frequency could be:
|
Term |
Term applicable to the repayment and the rate type. |
Approximate Repayment Amount |
Loan repayment amount for the repayment and the rate type. |
Application Summary
Field Name |
Description |
---|---|
Application Summary |
|
Applicant Name |
Loan applicants name. |
Purpose |
Purpose of loan application. |
Requested Amount |
The amount for which the loan is applied. |
Approved Amount |
Loan amount approved by the bank including the fees, and other costs. |
Tenure |
Loan repayment tenure. |
Loan Date |
Loan application date. |
Application Fees
Application Fees section allows you to view the details about the fees paid towards the loan application.
Field Name |
Description |
---|---|
Application Fees |
|
Fees |
All the fees applied are listed down with the amount charged displayed against each fee type. |
Status History
Status history displays the status of the various stages of loan application, remarks, user name, and date on which the status is updated.
Field Name |
Description |
---|---|
Status History |
|
State |
Application status. |
Remarks |
Displays the remarks if any. |
Acted By |
User ID who has processed the account application. |
Updated On |
Account application updated date. |
Document Upload
Document upload allows you to upload the documents which are required for the application processing. You can upload multiple documents for a document type. Simultaneously you can upload multiple documents. You can remove any uploaded document.
To upload / remove a document:
Document Upload
Note: Click to remove the uploaded document.
Field Name |
Description |
---|---|
Choose File |
File to be uploaded. |
Uploaded Document
Accept / Reject Offer
Once the account configuration and required documents are uploaded, offer is generated and made available in the tracker for you to view, download, and provide approval / rejection.
To accept / reject an offer:
Accept / Reject Offer
Field Name |
Description |
---|---|
Offer Letter |
Displays the generated offer letter. |
Offer Letter Acceptance |
Select the check box to accept the terms and conditions to accept / reject the offer. |
FAQs
Can I apply for personal loan if I am not a citizen of the United States?
Why do I have to provide my Social Security Number (SSNSocial Security Number) in the application? How does the bank ensure that my information is safe?
Why do you require the expiry date of my identity proof?
Can I provide my post office box number as residential address?
I have my entire zip code i.e. in zip+4 format. Can I provide my entire zip code?
Do I need to include the income I get as alimony in the income section of the application?
Why do I have to give my consent to all the disclosures displayed under the Review & Submit section?
I am an existing customer of the bank but do not have channel access, how can I proceed?
Can I proceed with the application if I am not an existing channel user?
Why am I asked to capture previous residential address details?
Is it mandatory to change the default configuration for an account as part of application tracker?
Can the co-applicant perform all the pending tasks in the application tracker?
Why am I being asked to capture previous employment details?