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CASE STUDY

WALK-IN AND GET FINANCE (WIGF)

About WIGF Company & Business:

WIGF was set-up around two years back and has its head office in Worli and one
operational office in Andheri. The Company provides loan up to an amount of Rs. 10 lakhs
(from Rs. 10,000/- to Rs. 10.00 lakhs) mainly for purchasing household furniture and goods.
The company has an ambition that the company can sanction loans within one hour for
clean cases and all other cases within three days.

WIGF gets loans from Government and some other foreign institutions at much lower rate.
The rates which WIGF charges to individuals is almost at par with bank’s rates.

WIGF plans to expand its operations in the next year by opening three more offices in the
city. (The plan is to open offices at Fort, Worli and Borivali). The current clientage is
around 20,000 and expects to triple the volume in one year.

About Loans:

Loans are given to salaried employees, self-employed people, small business units and some
educational/social work trusts. The interest rates, monthly repayment amount & default
interest rate structure (EMI data) is fixed but it is different for different slabs of loans and
type of customers.

An employed person needs to bring a letter of reference, salary slip/certificate. A self-


employed person needs to bring reference letters, bank passbooks and any security which
can be kept with WIGF. A business unit needs to provide last few years balance sheet and
some relevant documents. (Standard document list)

Loan processing :

A loan application form is to be filled and related papers need to be attached with the form.
The form is submitted and checked by WIGF staff for completeness. Then a senior staff
member (advisor) evaluates the case and puts his evaluation remarks on the application.

The company discourages multiple loans. (No new loan can be sanctioned unless the earlier
loan is repaid or about to be repaid).

The manager has the final authority. The manager can sanction or reject a loan without
giving any reasons. On sanctioning the loan, a cheque for the loan amount and an EMI
term letter (interest rate, Monthly EMI amount, payment default interest rate etc) is given
to the customer.

At present it takes 10 days to sanction a loan. Multiple loan checking is becoming difficult,
as the company does not have any mechanism to detect duplicates easily.
Repayment of loans :

Salaried employees repay the loan (monthly salary deduction) through the employing
company. (EMI statement) Others pay at WIGF’s Andheri office. A receipt is provided for
the EMI installment payment. WIGF charges additional interest for every day delay. The
rates of additional interest are fixed at the time of sanctioning the loan. Once in three
months a detailed account to each customer is sent regarding the loan repaid, arrears and
interest due, if any. (Loan statement)

Insurance:

WIGF has not had many cases of non-payment but realizes the risk in such dealings.
WIGF has a subsidiary which specializes in insurance. Every loan given by WIGF is
covered by the insurance company. At the end of every day a premium is paid to the
insurance company. The calculations of premium are done by the subsidiary company and
the subsidiary requires data on loan sanctions, returned etc. on a daily basis from WIGF.

Head Office (H.O.)

The H.O. is not involved in the day-to-day loan operations. H.O. employees a team of
marketing people which market and register companies whose employees are authorised
for loan sanctions. All the registered companies deduct loan installment from employee’s
salaries and send a statement and cheque to the WIGF appointed bank. HO also takes
prepares a monthly MIS statement covering loans given, loans repaid, EMI amount
received, defaulters etc.
The assignment

WIGF has signed a contract with your company for providing a software solution for
automation. WIGF has not yet decided extent of investment in hardware but vendors have
promised that the operations are not large enough to worry about budgets.

Your assignment:
 Document automation Objectives of the customer
 Decide Basic requirements & their measurability
 Work out alternate software solutions, if any
 Work out System requirements of the application
 Work out at least 10 Functional requirements of the system.
 Work out Operational requirement
 Work out Implementation requirements
 Prioritize the requirements
Total Time: 1 hour

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