Required Assignment 7.

1: Creating a Product Requirements Document

<Sai kumar Vatturi>

Suggested time: 90 minutes

Feature

CRED Cash Feature

CRED Cash is an instant credit line feature within the CRED application that allows
eligible users to access a pre-approved loan amount directly through the app. Users can
avail this credit for urgent financial needs, with a flexible repayment schedule and
competitive interest rates.

Objectives

1. Provide eligible users with easy access to instant credit to meet their financial
needs.
2. Simplify the loan application and disbursal process for CRED members by
leveraging pre-approved credit lines.
3. Increase user engagement and retention by offering personalized financial
solutions within the app.
4. Ensure seamless repayment options with a focus on flexibility and convenience.

Scope

Included

 Integration of pre-approved loan offers for eligible users.

 Instant disbursal of credit into users’ bank accounts.
 Flexible repayment plans with a clear breakdown of EMIs (Equated Monthly
Installments).
 Real-time tracking of the loan balance, EMIs, and interest.
 Notifications for EMI due dates, payment reminders, and promotional offers.

Excluded

 Integration with non-CRED users or third-party financial services.

 Credit line management for non-pre-approved users.
 Custom loan amounts beyond the pre-approved credit limits.

Functional Requirements

1. The system should show eligible users their pre-approved credit limit upon
opening the CRED Cash feature.
2. Users should be able to select the desired loan amount within their pre-approved
limit and choose a repayment tenure.
3. The app must display a clear breakdown of EMI amounts, interest rates, and total
repayment cost before confirming the loan.
4. Users should be able to instantly disburse the loan amount to their linked bank
account.
 5. The app should provide real-time tracking of outstanding loan balance, EMI
schedules, and upcoming payments.
6. Push notifications and email reminders should be sent for EMI due dates and
payment confirmations.
7. Users should have the option to prepay the loan without incurring penalties.

Non-functional Requirements

1. The loan disbursal process should be completed within 30 seconds of user

confirmation.
2. The system must be secure, ensuring encryption of personal and financial
information to prevent data breaches.

User Stories

1.As a CRED member, I want to view my pre-approved credit limit, so that I can
decide how much credit I can access without undergoing a lengthy application
process.

Elaboration:

 As a registered user of CRED, I expect the app to show me personalized

financial information, including a pre-approved credit limit that I can access
immediately.
 I want the credit limit to be based on my credit score and transaction history,
without the need for me to fill out additional forms or undergo a traditional credit
approval process.
 The credit limit should be visible in the CRED Cash feature, so that I can see at a
glance how much credit I can access, without having to search for the
information.
 Knowing my pre-approved limit will help me plan my finances better and give me
confidence that I can borrow a set amount in case of emergencies or short-term
needs.
 I should also be able to understand the factors that influence my limit and
whether I can increase it over time based on my creditworthiness or app usage.

2.As a user in need of instant credit, I want to select a loan amount and tenure, so
that I can customize my loan to fit my financial situation.

Elaboration:

 When I need immediate access to funds, I want the process to be quick and
straightforward, with the ability to choose a loan amount that is within my pre-
approved limit.
 I should have the flexibility to select a loan amount that suits my immediate
financial need, rather than being forced to take the full pre-approved amount.
 I want the app to provide different repayment options, including the ability to
choose the loan tenure (e.g., 3 months, 6 months, or 12 months), based on my
comfort level with EMI (Equated Monthly Instalment) payments.
  The app should clearly display the interest rate, EMI amounts, and total
repayment amount for each option before I confirm the loan, so that I can make
an informed decision.
 I should be able to compare multiple repayment options and understand how
interest is calculated over different loan durations.

3.As a responsible borrower, I want to receive timely reminders for EMI payments,
so that I can avoid late fees and maintain my credit score.

Elaboration:

 After taking out a loan through CRED Cash, it is crucial for me to stay on top of
my EMI payments to avoid penalties and protect my credit score.
 I want the app to automatically send reminders in advance of my EMI due dates,
preferably at least 3 days before the payment is due, to give me enough time to
prepare for the payment.
 These reminders should come through multiple channels (push notifications,
SMS, email) to ensure I don’t miss them, even if I’m not actively using the app.
 The reminders should provide clear details about the payment amount, due date,
and an option to view my loan status in the app.
 In case of missed payments, I want to be notified immediately about the
consequences, such as late fees or interest penalties, and how to resolve the
issue to prevent further damage to my credit score.

Acceptance Criteria

1.Eligible users can view their pre-approved credit limit as soon as they access the
CRED Cash feature.

Elaboration:

 Upon accessing the CRED Cash feature, eligible users should immediately see
their pre-approved credit limit displayed prominently at the top of the screen.
 This credit limit should be tailored to each user based on their credit score,
transaction history, and any internal risk assessment performed by CRED.
 The credit limit must be clear and easily understandable, with no ambiguity
regarding the amount.
 Users should not be required to fill out additional forms, undergo further
verification, or go through a lengthy approval process to view this limit.
 The app must ensure that the pre-approved limit remains updated in real-time, so
users always see the most current amount they can borrow.
 In the event that a user is ineligible, an explanation should be provided along with
suggestions on how to become eligible (e.g., improving credit score or increasing
app engagement).

2.Users can successfully select a loan amount, tenure, and view a breakdown of
repayment terms before confirming the loan.
Elaboration:

 Users must be able to choose a loan amount within the range of their pre-
approved limit. The app should allow partial borrowing (e.g., if the user has a
₹50,000 credit limit, they can choose any amount up to that limit).
 After selecting a loan amount, users should be presented with options for
repayment tenure (e.g., 3 months, 6 months, 12 months) in a simple and intuitive
interface.
 The system must display a detailed breakdown of the repayment plan before
users confirm the loan, including the following:
o The monthly EMI (Equated Monthly Instalment) for each tenure option.
o The total interest amount over the loan period.
o The total repayment amount (principal + interest).
o Applicable processing fees (if any) or penalties for late payments.
 The breakdown must be accurate, easy to understand, and update dynamically
based on the loan amount and tenure selection.
 Users must be required to confirm their understanding of the loan terms before
proceeding.

3. Loan disbursement is completed instantly, and users can view real-time loan
tracking and repayment details.

Elaboration:

 Once a user confirms their loan, the disbursement process should begin
immediately. The loan amount must be credited to the user’s linked bank account
within 30 seconds.
 A confirmation message must be displayed after the loan is successfully
disbursed, providing the following details:
o Loan amount.
o Date and time of disbursement.
o A link to the loan tracking section of the app.
 The app should allow users to view real-time tracking of their loan, including:
o Remaining loan balance.
o Next EMI due date and amount.
o Total interest accrued so far.
o A full payment history (showing EMIs paid, due dates, and any
prepayments).
 Loan tracking must be updated dynamically to reflect any user actions (e.g.,
prepayments or missed payments).