Loan management system RFP checklist
A 30-item procurement checklist for evaluating enterprise Loan Management System vendors. Print as PDF, fill in vendor responses, share with your evaluation committee.
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How to use this checklist
Each line is a procurement requirement an enterprise lender should evaluate. Use the empty boxes to mark vendor coverage as Yes / No / Partial during your shortlisting cycle.
01Vendor & architecture
- Vendor overview: company, founding team, lending heritage, customer references
- Product architecture: runtime, data layer, modularity, schema migrations
- Deployment and data residency, on-prem, single-tenant cloud, customer VPC
02Identity & multi-tenancy
- Multi-tenancy model: schema-per-tenant, shared database, or per-tenant deployment
- Identity and access management: OIDC / OAuth2, RBAC, permission groups, org-unit hierarchy
03Loan product configuration
- Loan product configuration: composable products without code changes
- Loan account lifecycle: supported states, transitions, audit on every state change
- Disbursement: full, partial, tranche, cancellation, reversal
- Repayment schedule generation: EMI, non-EMI, bullet, moratorium, custom frequencies
- Interest, fees, and charges: methods, allocation, waivers, reversals
04Servicing & lifecycle
- Payment allocation: principal / interest / fees / penalties, excess and suspense
- Delinquency and arrears: DPD calculation, bucket movement, configurable bands
- Collections workflows: queue allocation, promises-to-pay, settlements
- Restructuring and moratorium: rescheduling, refinance, tenure or rate change
- Write-off and recovery: prudential and full write-off, recovery tracking
- Asset classification: STANDARD / SUB_STANDARD / DOUBTFUL / LOSS
- Customer servicing: statements, NOC, foreclosure quote, service requests
05Accounting & reporting
- Accounting and GL: journal entries, accounting events, reversals
- Reconciliation: bank, payment gateway, UTR, suspense, failed transactions
- Reporting and dashboards: portfolio MIS, collections MIS, operational dashboards
06Integrations & audit
- Integrations and APIs: KYC, credit bureau, payment gateway, core banking, accounting
- Audit trail: actor, action, evidence, before / after, retention policy
- Compliance controls: regulatory reporting, RBI Digital Lending readiness
07Migration & implementation
- Data migration: customers, accounts, schedules, transactions, validation approach
- Implementation plan: discovery, design, configuration, migration, pilot, production
- Support and SLA: uptime, response time, escalation, hypercare, BAU
08AI & governance
- AI loan servicing agent: context awareness, action surface, audit
- AI governance and human oversight: maker-checker on AI-suggested actions
09Commercials & risk
- Pricing and commercials: licensing model, payment milestones, renewal
- Risks and dependencies: vendor-side, integration-side, regulatory-side
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Frequently asked questions
The questions procurement teams ask us most often about putting this checklist to work inside a real evaluation.
What makes a checklist item disqualifying rather than nice-to-have?
A disqualifying item is one where a "no" cannot be engineered around later. Tenant isolation, audit completeness, and how the ledger does arithmetic are structural: they are decided once, at the architecture level, and everything else is built on top. A missing dashboard is a roadmap conversation. A missing audit trail is a different product.
Should we send this to vendors or use it internally?
Both, in that order. Work through it internally first to agree what you actually require, because a checklist filled in by the vendor measures their answers rather than your needs. Then send the items you cannot compromise on and ask for written responses. Written answers are harder to walk back than demo answers.
Thirty items seems short for an enterprise LMS. Why not two hundred?
Because a two-hundred-item checklist gets delegated, and a delegated checklist gets pattern-matched to "yes". Thirty items is the length a decision-maker will actually read and defend in a steering committee. Depth belongs in the 50-question bank and the functional requirements template; this page is the gate before you spend that time.
Can we use this with vendors other than Lokta?
Yes, and that is the intent. Nothing here describes a Lokta-only capability. We wrote it because we have sat on both sides of these evaluations and watched buyers discover the structural questions eighteen months after signing. Use it against us as readily as against anyone else.
What if a vendor answers "on the roadmap" to several items?
Treat a roadmap answer as a "no" with a date attached, and ask for the date in writing along with what happens contractually if it slips. Roadmap items are not disqualifying on their own. Roadmap items on the structural questions, where the architecture has to change to deliver them, usually are.