Automation in Disbursement

• Bank integrations are required for automated payments. SynoFin comes pre-integrated with multiple banks
   

NPA Compliance

• Asset Classification

  • Once an NPA, will remain an NPA till the time it is regularized i.e. if 3 installments are pending and then 1 is paid post NPA - it does not change the asset classification

  • Bucketing requirements - SMA-0, SMA-1, SMA-2, Substandard-I, Substandard-II, Doubtful-I, Doubtful-II, Doubtful-III, Writeoff

  • DPD posting on a daily basis

  • Asset classification based on aging and not on DPD only

• Interest accrual

  • Post NPA, interest accrual should be posted in the suspended interested account which is a memo account

  • Post regularization, the same needs to be auto-moved to the Interest Accrual account

• Provisioning

  • Compliance with the latest provisioning norms as per the granular bucketing by RBI

  • SynoFin does the automatic posting of provision entries

• Linked Loans

  • Auto loan linking based on certain customer parameters - If one customer turns NPA then all its loans should be marked NPA 

  • Asset classification should be by the customer and not by loan
     

Repayment Schedule

• Accounting and customer repayment schedule in case of subvention. Amortization of subvention as interest income

• Step up and step down EMIs

• Fixed EMI till a certain time period which is 1) Only interest Or 2) Interest+some principal OR 3) EMI less than interest and capitalization of interest

• Full loan booking for customers but tranche payouts for education institutes

• Installment wise Delay days 
   

Repayment management

• Ability to manage Pre-EMI in case of tranche disbursements

• NACH and PDC management

  • Detailed entry of PDC and SPDC

  • Handling of presentation process along with accounting for  in-process transactions

  • Managing of bounces

• Split repayment from multiple co-applicants - multi-NACH

• Holding EMI presentation

• BBPS integrations

• LPP reversal on backdated receipts

• Lock-in period interest calculation if closed between lock-in period

• Receivable to receivable transfer without receipt cancellation
   

Charges management

• Accrual accounting for loans but cash-based accounting for charges - charges hit the ledger only when they are paid by the customer

• IMD management - initial accounting against application and then the auto movement of IMD against loan account on successful loan disbursement

• Auto posting of bounce charges on receipt bounce

• Auto computation of charges on foreclosure

• Auto computation and posting of charges

• Granular control on receipt allocation regarding which charge / receivable to knock-off

• Option to add charges in subsequent tranches in tranche payments
   

Collateral management

• Collateral dedupe

• CERSAI reporting

• LTV

• Top-up loan on the same collateral
   

Rescheduling

• Part-payment - change in EMI amount or change in Tenor both supported

• Rich rescheduling capabilities - Installment change, part payment, rate change, tenure change, due date change, moratorium
   

Restructuring management
 

Tranche disbursement

• Only interest or principal+interest configurations
   

Advance EMI management

• 3 different modes of advanced EMI
   

Knock-offs 

• Auto knock-off through excess money

• Receivable to payable knock-off

• Receivable to receivable knock-off - useful in loan cancellation
   

Reversals

• Knockoff reversal

• Foreclosure reversal
   

Accounting

• Separate interest and principal accounting

• IndAS accounting compliant - amortization of processing fee and other fee

• GST Invoicing

• IRR computations

• PSL details management

• Handling of accounting asset classification wise

• GST management - auto identification of IGST or CGST+SGST

• Nett TDS repayment options - where the borrower deducts TDS while making repayments
   

System Generated Documents

• Statement of Account

• Welcome letter

• Foreclosure letter

• NOC (with blocking/unblocking)

• Rescheduling letter

• Received LOD
   

Insurance management

• LAP is often lent with an insurance cover for the loan amount
   

EOD/EOM Management

• Easy switch between auto and manual EODs

• Daily interest accrual

• Daily LPI accrual

• Daily DPD posting

• Daily asset classification change

• Installment billing

• Monthly provisioning and provisioning reversal

• Knockoff
   

Always having to worry about Compliance

• RBI keeps rolling out changes through notifications

• Synoriq proactively ensures the system is fully compliant at all the times
   

Co-lending capabilities

• Does not offer co-lending capabilities out of the box
   

FLDG management
 

Automation

• Integration with multiple banks for auto-disbursements

• Integration with multiple banks for repayment via Virtual Account Numbers

• Auto NACH presentation process with Integration with third parties like Digio

• Bureau reporting

• CKYC reporting