Initiate an approval request when the loan applicant has a low credit score | Use Cases - Zoho CRM

Initiate an approval request when the loan applicant has a low credit score

Edition: Enterprise | Industry: Banking and Loan | Feature: Approval Process 

Noah Parker is a loan officer at a Boston-based finance firm that specializes in providing financial assistance to SMBs, individuals, and retailers. He receives hundreds of loan applications every day along with supporting documents and proofs, that he reviews and forwards to the subsequent teams.
If he notices any application with a credit score below 750, he sends the application to his immediate supervisor and managers for loan processing approval. Only upon approval it is sent for validation and loan disbursal. This process is time-consuming, and often the approval emails sent to the managers are inadvertently overlooked amidst the pile of other emails.

  1. Applications with a credit score below 750 must be sent to three approvers—the senior agent, branch manager, and credit hub manager—in a sequential manner so that the branch manager doesn't receive the application until the senior agent approves it and so on. 
  2. Upon receiving the first approval the Loan Stage field should be automatically updated to "Credit Score Evaluated"
  3. On second approval, the Loan Stage field should be updated to "Sent to Credit Hub" 
  4. On final approval, the Loan Stage field should be updated as "Qualified for loan" and the loan agent must receive an e-mail from the final approver stating that the applicant is qualified for the loan. 
  5. If any of the three approvers reject the application, then Noah and the other approvers must receive an e-mail stating the loan application has been rejected and the Loan Stage should be automatically updated as "Loan Rejected".
I. Create a Custom Module - Loan Application
II. Create a Custom Layout - Loan Applicant Details
III. Create Custom Fields Credit Score & Loan Stage
IV. Create Email Template to send when the loan is qualified and loan is rejected
V. Setup an approval process for the Loan Application module, 
    When to execute: Record Creation > Add Rule to this Process 

Field Name
Value to enter
Rule criteria
Credit score 
Who should approve
1. Senior agent
2. Branch manager
3. Credit hub manager
Actions on approval
Configure action upon each Approval: Update Fields  > Loan Stage
Value for 1st Approval: Credit score evaluated 
Value for 2nd Approval: Sent to credit hub
Value for 3rd Approval: Qualified for loan

Actions on approval
Configure action upon final approval: Email notification
Loan qualified
Actions on rejection
Configure action after rejection: Update field
Loan rejected
Actions on rejection
Configure action after rejection: Email notification

Send email to > Everyone approved: Low credit score 

Please choose a template to send to the requester: Loan rejected

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