Development of Loan Module using Business Rules Engine
Keywords:
Business rules, cibil score, loan terms, market semantics, information systems, business processesAbstract
Banking loan module is a runtime business application. It is the automatic processing of all the loans, due to which the loan form can be filled from anywhere and the bank person approves loan within short span of time. There is very big crowd to fill the loan form manually which is very tiresome job. Also the manual process is very lengthy process which requires 3 days for approval of loan. Our customers will having their loan applications approved within 60 minutes of lodging the application instead of 3 days as per the paper-centric solution we were persisting with. This paper consists of method of development of dynamic loan module system which includes the loan origination process, loan form filling process and loan verification process. The method is developed by using the RETE pattern matching algorithm. Due to which the loan module system becomes very fast and work effective. In addition to this loan module system, we have also developed the CIBIL score generating system for the approved loan applications and determination of rupee dollar rate and calculation of rate of interest of loans. Due to which the manager originates the roi of loans that also helps the manager to stabilize the India’s economy and prevents itself from recession and other economic falls.
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