Overview and definitions
This document describes two key system objects: product group and product. It covers definitions, differences, creation and editing processes with all parameters and values, and list screens with filters.
Creating product groups and products is one of the first steps in working with HES LoanBox. Borrower onboarding cannot begin without them.
Product group
A product group is a lending program that combines one or more products and defines the overall strategy for issuing and servicing loans.
A product group determines:
- Loan type (fixed-term or credit line).
- Interest rate type (fixed or floating).
- Term period type (days, weeks, months, years).
- Calculation type (annuity, linear, pay-day loan, revolving credit line, non-revolving credit line).
- Allowed amount and term ranges for all products within the group.
- Verification, underwriting, scoring, and collection strategy.
- Disbursement and contract signing options.
- Borrower application requirements (supporting documents, collateral, additional information).
- Agent assignments and document templates.
Note
A product group can be active or inactive. Only active groups are available for loan applications.
Product
A product is a specific lending offer within a product group. A product defines exact amount and term ranges, interest rates, fees, and grace period conditions.
Key characteristics of a product:
- Always belongs to exactly one product group.
- Inherits the loan type, term period type, and interest rate type from its product group.
- Product amount and term ranges must fall within the product group’s ranges.
- Can be active or inactive independently of the group’s status. For automatic matching during application processing, both the group and the product must be active.
- Maintains a history of all changes (audit).
Comparison of product group and product
| Aspect | Product group | Product |
|---|---|---|
| Purpose | Defines the overall lending strategy and parameter boundaries | Defines specific conditions of a lending offer |
| Group attribution | One or more products | Belongs to exactly one group |
| Loan type | Set at the group level | Inherited from the group |
| Interest rate | Sets the base rate (or margin for floating) for the group | Sets a rate range within the group’s boundaries |
| Amount and term | Defines the allowed boundaries | Defines specific ranges within the group’s boundaries |
| Strategies (verification, underwriting, scoring, collection) | Configured at the group level | Not configured: uses the group’s strategies |
| Fees (overdue penalty, establishment fee, service fee, and others) | Not set | Set at the product level |
| Grace period | Not set | Set at the product level (for fixed-term loans only) |
| Document templates | Assigned to the group | Not assigned – uses the group’s templates |
| Agents | Assigned to the group | Not assigned: availability is determined by the group |
When to use which?
A product group is created for each distinct lending program. Within a single group, products are created with different pricing conditions—for
example, for different amount or term ranges.