Buy a Car

Introduction

This screen allows the retail user set a new financial goal. By default, four pre-configured goals are already available. The retail user can select a goal of their choice. Based on this goal selection, user is taken to the respective goal screen. The user will fill in the appropriate details to set the new goal. After filling it up appropriately, the retail user opens a new account in which funds are deposited. After successfully opening the account, the retail user has to mention the source account from which the funds have to be transferred to the newly opened account.

The retail user has the choice of receiving the alerts with regard to goals. The user can set the alert details for tracking the goal, based on the option selected, the user would receive alerts about the progress of goal.

Note:

• Formula to calculate:

Total Amount to be Saved for Goal = [Price of Car -(Current Saving for this Goal + Car Loan, if any)]

Amount to be Saved per Month = [Price of Car -(Current Saving for this Goal + Car Loan, if any)] / [Date Difference in terms of month (Goal End Date- Goal Start Date))]

• If the user clicks the Proceed button without calculating the above 2 values, system will warn the user that they hasn�t computed the values for total amount to be saved for the goal and amount to be saved per month.

• Result will be shown in home currency.

• After creating the goal successfully, in the subsequent screen, a message is displayed saying that -goal is created successfully, please link the account to the goal.

Navigation

The following is the navigation for this option:

• Select the Buy a Car goal and click the Proceed button in Set a New Goal screen.

• The Buy a Car  screen is displayed.

What you can do

The table below provides a brief description of the data that must be specified on the screen and the functions you can perform:

Field

Description

Buy a Car

Goal Description

Specify the unique description for the new goal.

Price of car(in NAD)

Specify the car price, that is, the goal amount.

Goal Start Date

Specify the start date for the goal.

Goal End Date

Specify the end date for the goal.

Current Savings for this Goal

Specify the amount already saved for the goal.

Car Loan, if any

Specify the car loan amount, if any if the user opts for car loan for financing the goal which is buying the car.

Note:

The sum of car loan and current savings for the goal should not be exceeding the price of car.

The user can use the loan EMI calculator to check the loan EMI amount.

For Calculating the total goal amount and monthly saving

To calculate:

• Total amount to be saved for the goal

• Amount to be saved per month

Total Amount to be saved for goal

The total amount to be saved for the goal.

Amount to be saved per month

The amount to be saved per month.