Loan Application

This section describes the Loan Application process, including:

• Requesting a new loan by creating a new Application

• Tracking the existing Applications

• Checking the Loan Details

The process to navigate through the Cion Digital Crypto Loan Marketplace to get the best-suited smart contract-based loan is 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 (AAVE) and click Continue.

• On the next screen, enter the following borrower information:

  • Borrower’s full name

  • Email address

  • Contact number

• After submitting the borrower’s information, the loan details should be reviewed.

• Click Continue. The Success message is displayed.

• Click Proceed to display the Loan details:

  • Loan details

    • Loan Provider - The loan provided e.g. AAVE

    • Loan Amount - The loan amount

    • Disbursal Amount - The amount to be disbursed in stablecoin.

    • Collateral needed - The crypto collateral needed.

    • Collateral locked - The crypto collateral locked

    • Max LTV - Maximum Loan to value in percentage

    • Current LTV (Loan to value) percentage

    • Health factor - The health factor is the numeric representation of the safety of the deposited assets against the borrowed assets and their underlying value. The higher the value, the safer is the state of the funds in case of liquidation.

    • APR (Annual percentage rate)

    • Term - The loan term

    • Status - Status of the loan transaction e.g. waiting for collateral

• Transaction history

  • Type - Type of transaction e.g. deposit, withdraw

  • Asset - Cryptocurrency

  • Amount - Loan amount

  • Date - The date timestamp of the transaction

  • Status - The status of the transaction e.g. Processed Successfully.

• Clicking on Deposit Collateral displays a pop-up where the user can scan the QR code or copy the address displayed and transfer the cryptocurrency.

• Once the user deposits the collateral, the transaction history displays the transaction status.

For more questions, click here.