Rate Comparison Calculator [RCC-MORT-MSF]

Mortgages and other loans offering discounted interest rates are widely available. However, given the variability in the extent and period of the discounts, the rates that apply after the discount period, and the differences in the upfront fees, it has been very difficult for consumers to determine which product best suits their needs.
 
This tool provides an objective basis for comparing two products at a time.  It features a novel cost-benefit graph that reveals how the assessment can change over time - the determination of which product is better depends on how long the borrower plans to retain the loan.
 
Giving the customer direct access to this tool online encourages further loan sales because it's then easy for the customer to understand how your products compare with each other and with other provider's loans. Used in conjunction with Finacle e-banking, this tool can be a powerful cross-selling device. It can also reassure customers that they made  the optimal choice.
 
This tool can also be used in exactly the same way by telemarketing and branch staff when integrated with Finacle CRM.
 
As with all finanz tools, this tool can take into account the widely varying characteristics of loan products. Where the tool is used by logged-in users, the user interface can also be amended to suppress unnecessary tabs and fields, and can show additional elements for sales origination. Note that labels such as "My Loan" and "Other Loan" are externally configurable at run time and can be set to actual product names if desired. This tool could also be adapted to compare more detailed fees and charges, cater for multiple discount rate periods, and interest rates tiered by LTV or other criteria.