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 

Scenario
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.

Requirements
  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".
Solution 
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 

Section
Field Name
Value to enter
Rule criteria
Credit score 
<750
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





    Access your files securely from anywhere

      Zoho CRM Training Programs

      Learn how to use the best tools for sales force automation and better customer engagement from Zoho's implementation specialists.

      Zoho CRM Training
        Redefine the way you work
        with Zoho Workplace

          Zoho DataPrep Personalized Demo

          If you'd like a personalized walk-through of our data preparation tool, please request a demo and we'll be happy to show you how to get the best out of Zoho DataPrep.

          Zoho CRM Training

            Create, share, and deliver

            beautiful slides from anywhere.

            Get Started Now


              Zoho Sign now offers specialized one-on-one training for both administrators and developers.

              BOOK A SESSION









                                            You are currently viewing the help pages of Qntrl’s earlier version. Click here to view our latest version—Qntrl 3.0's help articles.




                                                Manage your brands on social media

                                                  Zoho Desk Resources

                                                  • Desk Community Learning Series


                                                  • Digest


                                                  • Functions


                                                  • Meetups


                                                  • Kbase


                                                  • Resources


                                                  • Glossary


                                                  • Desk Marketplace


                                                  • MVP Corner


                                                  • Word of the Day


                                                    Zoho Marketing Automation

                                                      Zoho Sheet Resources

                                                       

                                                          Zoho Forms Resources


                                                            Secure your business
                                                            communication with Zoho Mail


                                                            Mail on the move with
                                                            Zoho Mail mobile application

                                                              Stay on top of your schedule
                                                              at all times


                                                              Carry your calendar with you
                                                              Anytime, anywhere




                                                                    Zoho Sign Resources

                                                                      Sign, Paperless!

                                                                      Sign and send business documents on the go!

                                                                      Get Started Now




                                                                              Zoho TeamInbox Resources



                                                                                      Zoho DataPrep Resources



                                                                                        Zoho DataPrep Demo

                                                                                        Get a personalized demo or POC

                                                                                        REGISTER NOW


                                                                                          Design. Discuss. Deliver.

                                                                                          Create visually engaging stories with Zoho Show.

                                                                                          Get Started Now









                                                                                                              • Related Articles

                                                                                                              • Comparison between Review Process and Approval Process

                                                                                                                Characteristics Approval process Review process Execute on Record creation and edit. Applies to all records that enter the CRM system. Modules  Standard and custom Standard and custom Entity (records or fields) for approval A record is considered for ...
                                                                                                              • FAQs: Approval Process

                                                                                                                What is an approval process? Approval processes allow organizations to streamline the approval of various business activities across Zoho CRM. For example, an organization may need a senior member to approve sales orders, budgets, capital expenses, ...
                                                                                                              • Review Process

                                                                                                                Why is review process required in business? It is always the best practice to analyse, and most importantly, verify the information that enters the organisation’s database. In the long run it helps in maintaining a clean database and saves a lot of ...
                                                                                                              • Adding an Approval Process

                                                                                                                Each approval process is associated to a rule that defines the process. You need to specify the rule criteria, the approval authority and also actions that need to be carried out on approval or rejection. Create approval processes for purchase ...
                                                                                                              • FAQs: Review Process

                                                                                                                1. What is the purpose of a review process? A review process allows you to check and validate the values of a field before the record enters the CRM system. For example, responses entered for fields such as qualification, eligibility criteria, GPA, ...
                                                                                                                Wherever you are is as good as
                                                                                                                your workplace

                                                                                                                  Resources

                                                                                                                  Videos

                                                                                                                  Watch comprehensive videos on features and other important topics that will help you master Zoho CRM.



                                                                                                                  eBooks

                                                                                                                  Download free eBooks and access a range of topics to get deeper insight on successfully using Zoho CRM.



                                                                                                                  Webinars

                                                                                                                  Sign up for our webinars and learn the Zoho CRM basics, from customization to sales force automation and more.



                                                                                                                  CRM Tips

                                                                                                                  Make the most of Zoho CRM with these useful tips.



                                                                                                                    Zoho Show Resources