Product upload manual
PRODUCT UPLOAD MANUAL PRODUCT UPLOAD Product Concept Before you can upload a business with a loan, you first have to define which kind of products you want to divide your loan portfolio into. The product is a predefined set of criteria for loans. You set your own criteria for your own products, but the products must be approved by MYC4 before they can be used for uploading loans. MYC4 Admin will only act as a control and confirmation centre for the Products that Providers will create. All loans will have a unique product ID that can only be relating to its key features. The justification for developing this product concept is to minimize the workload and error of uploading (e.g. no more fees errors), while increasing the information flow to investors. It will also cut inputting time and increase efficiency as well as give your management a tool to ensure your staffs are adhering to your policies. Key Points: 1. 2. 3.
You create a new product and upload for MYC4 to review. MYC4 can reject a new product. You can then either edit or remove entirely by deleting. An active product can be frozen (made inactive) by you, if you want to stop using this product for a certain period. 4. If you or MYC4 wants to permanently remove a product, it can be deleted. It is not possible to edit an existing product (whose status can either be active or inactive) so product definition should be done carefully to avoid errors. Products will need to go through a workflow to ensure that MYC4 has the opportunity to review product applications or amend changes on products prior to them being used for new loans. The Provider creates a new product and uploads it. Under the ‘Uploaded’ status, he can edit it if need be. The provider submits the product. Under the ‘Await feedback’ status, MYC4 can either reject or approve it. If rejected, MYC4 returns the product back to ‘Uploaded’ status for the Provider to either edit it and re-submit it or delete it, if he so wishes. If MYC4 approves the product, it moves to ‘Active’ status. Only the Provider can deactivate and activate a product as he so wishes. However, an inactive product cannot be used for new loans. Products can be viewed by public only at Active and Inactive statuses.
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The Provider or MYC4 can delete a product. A deleted product can never be made active again.
PRODUCT UPLOAD MANUAL Creating New Product There are 3 sections under product data 1. Definition- It briefly describes the product 2. Fees- It defines the costs of the loan 3. Risk Management- It gives details of the product, risk involved and how they will be managed
Await feedback Deleted
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Uploaded
This means that a product that is ready to be used. This mean that a product is inactive and therefore cannot be used A product that has been newly created. You have a chance to either edit it or submit it to be reviewed by MYC4 The product is being reviewed by MYC4 We keep them in the system because they have loans running on them. A product can be deleted. Once deleted it cannot be made active again.
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Active Inactive
PRODUCT UPLOAD MANUAL
Click here to edit
Click here to submit to MYC4 for approval
Click here to activate
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Click here to delete
PRODUCT UPLOAD MANUAL
Insurance applicable
Loan Minimum Amount Loan Maximum Amount
Investor Minimum Interest Investor Maximum Interest Grace Period Minimum Grace Period Maximum Payback Period Minimum Payback Period Maximum Bidding Period Minimum Bidding Period Maximum Closing Fee Provider Closing Fee Administrator Closing Fee MyC4 Repayment Fee Provider Repayment Fee Administrator Repayment Fee MyC4 General description of the product
This explains why and to whom this product is targeted to, the need or the market for this product. It should contain important information such as product’s target group (women, men, youth between ages 20 to 35etc), specific industry (e.g. textiles, agriculture, import etc) E.g. ‘Diva Mkopo’ is a loan product targeting women entrepreneurs whose annual return is not more than €30000.”
Required interaction with the client prior to the loan decision
This describes the method and steps you put in place to verify whether a borrower qualifies for this product. Example: 1- Initial meeting with client: documentation of business 2- 1st client visit on site: review of business facilities and client residence, 2 hours 3- 2nd , unannounced client visit on site: visit business site, 15 min
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Product Name Administrator Name
The ‘product ID’ and ‘Product status’ are generated automatically upon saving your information. Write the ‘Product Name’ here. Click on the drop-down menu to select your Lender. Upon selection, ‘country’ and ‘currency’ are generated automatically. If insurance is applicable, click ‘Yes’ and write the insurance description in the box below. Min 10 characters. Otherwise, click ‘No’ This is the minimum loan amount for the product. It cannot be less than €100. Write it here. This is the maximum loan amount for the product. This amount cannot be more than 10 times the minimum value. Write it here. This is the minimum interest you can offer the investors on loans with this product. This is the maximum interest you can offer the investors on loans with this product. This is the minimum grace period offered to a loan under this product before the borrower can start making the repayments This is the maximum grace period offered to a loan under this product before the borrower can start making the repayments This is the minimum duration to which the loan under this product should be paid back This is the maximum duration to which a loan under this product should be paid back This is the minimum duration that a loan under this product can be open in the paltform for bidding This is the maximum duration that a loan under this product can be open in the paltform for bidding These are the cost associated with the product. Write information based on your fee structure. .
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Product ID
PRODUCT UPLOAD MANUAL
Assessment of clients reliability/character
Securities taken for this loan (collateral, co-signers, etc)
Other incentives for timely repayment of the loan*
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Assessment of clients stability
4- Disbursement of loan: client in the Bank premises This shows the items or conditions you look for to demonstrate that a borrower’s business can afford to comfortably repay a loan for which this product would be used for. Example: ‘Client must have been in business for more than 1 year’ or ‘Loan not exceeding 50% of business value’ (formality of business assets is not a condition From this information, one can judge how stable selected businesses should be. Example: The business must be profitable for 6 continuous months’ or ‘The business must have been on the same premises for more than a year etc This information serves in assessing the credibility of the client (e.g. in paying loans, paying membership fees etc) and his character and discipline (e.g. if he lies, or ends up using the loan for not the intended purpose etc). It can be obtained from references. Example: Reference letter from Trader’s Union, and interviews with neighbours This will give guidance to what security a business must provide in order to qualify for this product. Example: ‘If married, both husband and wife must co-sign’ or ‘Land agreement not less than 120% value of the loan’. NOTE: if no collateral is required, please indicate so. This should be included if available. It can be used, e.g., as an additional selling point of this product that can be sold to qualifying borrowers. Example: ‘Upon successful repayment of the loan, an exhibition is arranged for the client’s products’.
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Assessment of clients affordability of the loan
PRODUCT UPLOAD MANUAL Fill in the information requested on the spaces provided on the 3 sections under product data (Definition, Fees, Risk Mgt). Click on’ save+submit’ to submit the product to MYC4 for approval, click ‘save’ to save your new product or changes made, or click on ‘cancel’ to cancel the product.
Click here to cancel
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Click here to save
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Click here to save + submit to MYC4
You create a new product and upload for MYC4 to review. MYC4 can reject a new product. You can then either edit or remove entirely by deleting. An active product can be frozen (made inactive) by you, if you want to stop using this product for a certain period. 4. If you or MYC4 wants to permanently remove a product, it can be deleted. It is not possible to edit an existing product (whose status can either be active or inactive) so product definition should be done carefully to avoid errors. Products will need to go through a workflow to ensure that MYC4 has the opportunity to review product applications or amend changes on products prior to them being used for new loans. The Provider creates a new product and uploads it. Under the ‘Uploaded’ status, he can edit it if need be. The provider submits the product. Under the ‘Await feedback’ status, MYC4 can either reject or approve it. If rejected, MYC4 returns the product back to ‘Uploaded’ status for the Provider to either edit it and re-submit it or delete it, if he so wishes. If MYC4 approves the product, it moves to ‘Active’ status. Only the Provider can deactivate and activate a product as he so wishes. However, an inactive product cannot be used for new loans. Products can be viewed by public only at Active and Inactive statuses.
Page
1
The Provider or MYC4 can delete a product. A deleted product can never be made active again.
PRODUCT UPLOAD MANUAL Creating New Product There are 3 sections under product data 1. Definition- It briefly describes the product 2. Fees- It defines the costs of the loan 3. Risk Management- It gives details of the product, risk involved and how they will be managed
Await feedback Deleted
2
Uploaded
This means that a product that is ready to be used. This mean that a product is inactive and therefore cannot be used A product that has been newly created. You have a chance to either edit it or submit it to be reviewed by MYC4 The product is being reviewed by MYC4 We keep them in the system because they have loans running on them. A product can be deleted. Once deleted it cannot be made active again.
Page
Active Inactive
PRODUCT UPLOAD MANUAL
Click here to edit
Click here to submit to MYC4 for approval
Click here to activate
Page
3
Click here to delete
PRODUCT UPLOAD MANUAL
Insurance applicable
Loan Minimum Amount Loan Maximum Amount
Investor Minimum Interest Investor Maximum Interest Grace Period Minimum Grace Period Maximum Payback Period Minimum Payback Period Maximum Bidding Period Minimum Bidding Period Maximum Closing Fee Provider Closing Fee Administrator Closing Fee MyC4 Repayment Fee Provider Repayment Fee Administrator Repayment Fee MyC4 General description of the product
This explains why and to whom this product is targeted to, the need or the market for this product. It should contain important information such as product’s target group (women, men, youth between ages 20 to 35etc), specific industry (e.g. textiles, agriculture, import etc) E.g. ‘Diva Mkopo’ is a loan product targeting women entrepreneurs whose annual return is not more than €30000.”
Required interaction with the client prior to the loan decision
This describes the method and steps you put in place to verify whether a borrower qualifies for this product. Example: 1- Initial meeting with client: documentation of business 2- 1st client visit on site: review of business facilities and client residence, 2 hours 3- 2nd , unannounced client visit on site: visit business site, 15 min
4
Product Name Administrator Name
The ‘product ID’ and ‘Product status’ are generated automatically upon saving your information. Write the ‘Product Name’ here. Click on the drop-down menu to select your Lender. Upon selection, ‘country’ and ‘currency’ are generated automatically. If insurance is applicable, click ‘Yes’ and write the insurance description in the box below. Min 10 characters. Otherwise, click ‘No’ This is the minimum loan amount for the product. It cannot be less than €100. Write it here. This is the maximum loan amount for the product. This amount cannot be more than 10 times the minimum value. Write it here. This is the minimum interest you can offer the investors on loans with this product. This is the maximum interest you can offer the investors on loans with this product. This is the minimum grace period offered to a loan under this product before the borrower can start making the repayments This is the maximum grace period offered to a loan under this product before the borrower can start making the repayments This is the minimum duration to which the loan under this product should be paid back This is the maximum duration to which a loan under this product should be paid back This is the minimum duration that a loan under this product can be open in the paltform for bidding This is the maximum duration that a loan under this product can be open in the paltform for bidding These are the cost associated with the product. Write information based on your fee structure. .
Page
Product ID
PRODUCT UPLOAD MANUAL
Assessment of clients reliability/character
Securities taken for this loan (collateral, co-signers, etc)
Other incentives for timely repayment of the loan*
5
Assessment of clients stability
4- Disbursement of loan: client in the Bank premises This shows the items or conditions you look for to demonstrate that a borrower’s business can afford to comfortably repay a loan for which this product would be used for. Example: ‘Client must have been in business for more than 1 year’ or ‘Loan not exceeding 50% of business value’ (formality of business assets is not a condition From this information, one can judge how stable selected businesses should be. Example: The business must be profitable for 6 continuous months’ or ‘The business must have been on the same premises for more than a year etc This information serves in assessing the credibility of the client (e.g. in paying loans, paying membership fees etc) and his character and discipline (e.g. if he lies, or ends up using the loan for not the intended purpose etc). It can be obtained from references. Example: Reference letter from Trader’s Union, and interviews with neighbours This will give guidance to what security a business must provide in order to qualify for this product. Example: ‘If married, both husband and wife must co-sign’ or ‘Land agreement not less than 120% value of the loan’. NOTE: if no collateral is required, please indicate so. This should be included if available. It can be used, e.g., as an additional selling point of this product that can be sold to qualifying borrowers. Example: ‘Upon successful repayment of the loan, an exhibition is arranged for the client’s products’.
Page
Assessment of clients affordability of the loan
PRODUCT UPLOAD MANUAL Fill in the information requested on the spaces provided on the 3 sections under product data (Definition, Fees, Risk Mgt). Click on’ save+submit’ to submit the product to MYC4 for approval, click ‘save’ to save your new product or changes made, or click on ‘cancel’ to cancel the product.
Click here to cancel
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Click here to save
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Click here to save + submit to MYC4
