What are loan products?
Loan products are the different loan categories that you offer to your borrowers. It specifies the type of loan it is, the range of amount it offers, the interest on the principal and the range of tenor that it is available for. As a Lender, you can create multiple loan products for different sections of your target market which your borrowers can access on the web app or mobile app as the case may be. In addition loans products can also be edited and deactivated on the admin console.
The two common sections of the target market that lenders usually create loan products for are small and medium enterprises who need business loans and individuals taking personal loans.
When you create different products to cater for different sections of the market, you also get to specify the scoring model for that particular product and in essence for that particular section of the market.