Create Loan Product
Loan Product Creation Guide
This guide walks you through the step-by-step process of creating a new loan product on the Caltos system. The creation
wizard is divided into 8 distinct steps, allowing you to configure everything from application requirements to repayment
schedules.
Step 1: Select a Template
The first step is to choose a base template for your loan product. Templates come with pre-configured application flows,
verification methods, and default pricing structures to help you launch faster.
You can choose from templates like Salary Advance, Public Sector Loan, SME Loan, or even Build from Scratch. Click on a
template, then click Save & Continue.
Step 2: About this Loan
In this step, you define the basic metadata and target audience of the loan product.
Available Fields:
- Loan product name: Enter a clear, user-facing name for the loan (e.g., "Corper Wallet Loan"). This is what your
customers will see.
- Short description: Provide a brief explanation of the loan's purpose, its main benefits, and any key selling points.
(Maximum 1000 characters).
- Who is this loan designed for?: Select the specific target demographic. Available options include:
- Everyone
- Salary Earners
- Public Servants
- Students
- Business Owners
- Cooperative Members
- Existing Customers
- Custom Audience
Click on Save & Continue or back to edit previous page.
Step 3: Application Setup
Configure the exact information applicants must provide when applying for this loan.
Available Fields:
- How should applicants start their application?: This identifies returning applicants and prevents duplicates. You
can choose from:
- Phone Number (with OTP)
- Email Address (with OTP)
- BVN (Bank Verification Number)
- NIN (National Identification Number)
- What information would you like to collect?: Use the toggles to enable or disable entire sections of the application
form. You can drill down to select specific fields within:
- Personal Information (e.g., DOB, Gender)
- Contact Information (e.g., Address, Next of Kin)
Step 4: Verification Setup
Set up the identity and income verification requirements that act as the first line of defense against fraud.
Available Fields:
- Identity verification: Choose one or more methods to verify the applicant's identity. Options include BVN, NIN,
Phone verification (OTP), and Email verification (OTP).
- Income verification: Choose how applicants will prove their income. Options include:
- Remita (Verify salary via Remita)
- IPPIS (Verify salary via IPPIS)
- Bank statement (Automatically analyze and score uploaded bank statements)
Step 5: Pricing & Fees
Configure the financial terms, interest rates, and fee structure of the loan.
Available Fields:
- Interest type: Select the calculation method (e.g., Reducing Balance, Flat Rate).
- Interest rate: Set the percentage charged per annum (e.g., 20%).
- Processing fee:
- Type: Choose between a Percentage or a Flat Amount.
- Rate: Set the specific fee value.
- Applicable to: Select what the fee is applied to (e.g., the total Loan amount).
[!NOTE]
Use the sub-tabs at the top (Interest, Fees, Penalties, Other Charges) to configure late payment penalties and any
additional hidden costs.
Step 6: Disbursement
Define how and when the loan funds will be sent to the borrower once approved.
Available Fields:
- Disbursement method: Select the supported channels for sending funds. Options include:
- Bank Transfer
- Wallet
- Virtual Account
- Manual (Requires an admin to manually initiate the transfer outside the system)
- Disbursement timing:
- Instantly after approval
- After additional verification
- Scheduled disbursement
Step 7: Repayment
Set up the repayment structure, frequency, and collection dates.
Available Fields:
- Repayment frequency: How often the borrower is expected to pay back. Options: Weekly, Bi-weekly, Monthly, Quarterly,
or At end of tenor.
- First repayment date: Specify the grace period by setting how many days after disbursement the first repayment is
due (e.g., 30 days).
- Repayment day: Set the exact day of the month when repayments will be collected (e.g., Day 30).
Step 8: Loan Controls
Establish limits and risk management targets for this loan product to ensure it aligns with your lending policies.
Available Fields:
- Maximum number of customers: A strict cap on how many individuals can be granted this loan. Leave blank or use a
high number for unlimited.
- Maximum portfolio amount: The total monetary value allocated to this product across all borrowers (e.g.,
₦50,000,000). Once reached, new applications are paused.
- Require guarantor: A toggle switch that, if enabled, makes it mandatory for applicants to provide a verified
guarantor to qualify for the loan.
Once all steps are completed, you can click Save & Continue or Save as Draft to review your settings and launch your new
loan product.
Step 9: View Product Catalogue
To view all the products for the organisation. The "View product catalogue" allows you as a lender preview the live
portal your borrowers can see from where they can apply for any of your products.