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.

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

• 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

• 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

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

• 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.