CA Status Update Function - Introduction

It is possible that during the credit application processing stage or after the acceptance of an offer of facilities, customer may have changed their mind and do not wish to proceed with a credit facility application anymore.

This can be due to several factors, such as follows:-

  • Better financing terms offered by another bank, or financial institution.

  • Customer needs more time to negotiate for a more favourable financing terms.

  • Customer financial standing is adequate already and decide against taking additional liabilities.

  • Low Utilisation.

in view of the above factors, there will be needs for users to be able to change the status of such credit application so that the credit application status will not be stagnant at a state, as part of the operational practices of the bank or financial institution.

Thus, this function basically allows user to cancel applications at various application statuses, as follows:-

  • Upon request by customers but prior to approval (application status will change to 'W - Withdrawn').

  • Upon request by the financial institution but prior to approval (application status will change to 'R - Rejected').

  • Upon request by customers but after approval (application status will change to 'D - Declined').

However, for those approved applications but pending customers' acceptance, system will automatically close them (each application’s status changes to 'L - Closed', if exceeded a certain pre-defined days' lapse).