# Loan Application

With the Loan Application process, the Cion Digital platform enables:

* Requesting a new loan by creating a new Application
* Tracking the existing Applications
* Checking the Loan Details

Navigate through the Cion Digital Crypto Loan Marketplace to get the best suited CeFi loan as defined here:

* Post successful login, click on ‘Crypto Loan’ from the left menu. 
* The ‘Apply New Loan’ option is displayed with the following details pre-filled:
  * Loan ID - The loan identification number 
  * Customer Name - The name of the borrower
  * Amount - The loan amount applied 
  * Status - The status of the loan request 
* To request a new loan, click ‘Apply New Loan’ and enter the following details:
  * Country 
  * State/Province 
  * Loan Amount
  * Select the cryptocurrency to be used as collateral for the loan and click Continue.

![](https://lh6.googleusercontent.com/lQZCgOt94ayvijTsi1_T0TCTVXIc9lquZ1tcFfs3RvMqDLfvkfd5FP6bJiy165EBmKLPUxaSmXppEGdHh-Q8h6fA4kXTTWbC23a492OHAFmB8Gu-l3iG6RbYzJCcpxjBAqAlZnMOHIhosY5ufA)

* Select the loan option (SALT) and click Continue.

![](https://lh4.googleusercontent.com/MXDcthG1yAdBQzPOrqlMQY2CagNHHwU5h3Maw_fxDq6BiNjdJ4qp6YZrwf8QRLhs7hELQLGTgsvSXd8hn3MqW1dpQceVx5YixDZi8wczqA3c38UqNiF4LXgY36EAqVfKLx7VO85yIIl0wwLF2eTzFA)

* On the next screen, fill in the loan details and click Confirm.
  * Loan Provider - The loan provider selected in the previous screen 
  * Loan Amount - The loan amount requested 
  * Select the loan payback period: 
    * 12 months 
    * 24 months 
    * 36 months 
    * 48 months 
    * 60 months 
    * 72 months
  * Select the LTV percentage. The loan-to-value (LTV) ratio is a financial term used by lenders to express the ratio of a loan to the value of an asset purchased.
    * 30%
    * 40% 
    * 50% 
    * 60% 
  * Repayment Type 
    * Principal & Interest 
    * Interest only 
  * The screen also displays the following: 
    * Monthly payment - as per the loan payback period selected 
    * Loan Amount APR - Annual Percentage Rate (APR) is the yearly rate of interest that an individual must pay on a loan 
    * Total loan cost 
    * Interest 
    * Collateral needed - Collateral is an asset that a borrower offers up as a way to qualify for a particular loan. 
    * Terms and Conditions of the lender

![](https://lh5.googleusercontent.com/tGFXYwHdhR6zEsQnTwDTfBgy0vdqzNfXxYhj-6np4YVPrTzfDA_SPM5clzpmvKXmPGsphbwXJ85ersu8V-IYHyf5XdhuV695oHov1x_u6QREZnvtA9KKTtqYMJKHcNgG9LNdqz7HMbqda1HruJ3BnA)

* Loan calculation example
  * Loan amount - $75,000 
  * APR - 4% 
  * The interest amount is 0.04 \* 75,000 amounting to 3000 
  * Total Loan Cost = Loan amount + Interest = $75000 + $3000 = $78000 
  * Monthly Payment = Loan amount / Loan payback period = 78000/12 which amounts to $6500 ( Assume the loan payback period is 12 months) 
* On the next screen enter the following borrower details and click Continue: 
  * First Name 
  * Last Name 
  * Email 
  * Contact number

![](https://lh4.googleusercontent.com/Lxm4rzKLgSo1q2RHf2V6wownJWiLyOYu1WDXXbNX0xO3wlFxDKxAd6AXIdO5-HdEbnTkgVZ-E826FF_HT7re0-ZygnmnPGmBEySsXE591fBysGKoVXCqbsCa3bOGjKJTQaM9oH-fWtqvcq7uEB900w)

* Once the borrower details are filled, the Success message is displayed.

![](https://lh6.googleusercontent.com/k5amkMAsSw1bPR0guQWeL7cyVxKhFIdo96ltvaWE8KOqLrNWfI_2g_pavjMHe7n6SK5D12WrEb2GzGVl_fdomKovm_uDn5agu6NrZi-5thiLVCov1tzwdIPeW-tlvcylJBPQhtRwtcJLrsXCUV1Ufw)

* Once the loan application is successfully submitted, the lender processes the loan request and the Cion Digital platform tracks the status of the loan request.

For more questions, click [here](https://app.gitbook.com/o/Qf5xTwU8tzrOaPc06T5A/s/R8K6biUJl6Sez17WdBXa/~/changes/pf9ufL8FL3uESOG0cRvc/training-tools-and-libraries/faqs/crypto-secured-loans).