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.

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