Loan Approval Governance

It is to be noted that the current microfinance sector managed by NGOs and microfinance bank approve loans for borrowers after proper due diligence have been carried out, but the Egoras protocol uses a crowdsourced knowledge to approve or decline loans. The people vote if the loans should be approved or declined and the people also share in the risk of the loans.

Egoras holders approve or decline any loan within 72hrs of such loan request. In other words, the governance process to approve or decline any loan takes up to 72hrs. All data are provided for Egorasholders to make the correct governance decisions and the votes are determined by the voting weight (vote weight is determined by the amount of Egorastoken locked in the governance process).

Egoras holders share in the risk of the loans and they are rewarded for their participation in the governance process by receiving all interest accruing from the loans. They also share in the risk of the borrower’s default in making repayment by getting absolutely no interest in their participation in the governance process.

Loan Approval From Egoras Web Interface

STEP 1

Visit egoras.com

STEP 2

Click [Connect Wallet] and select a wallet supplier to connect your wallet.

STEP 3

click [Explore]

STEP 4

Click[Agriculture/Retail/women/Single Parents/All Loans]

STEP 5

Click [Any Pending Loan]

Loan Approval From Egoras Smart Contract

Approve loan function sends an approval (True/False) request into the protocol.

function approveLoan(uint _loanID) external;
  • _loanID : The unique identifier of every loan emitted from Egoras Microfinance protocol.

Solidity

CEGORAS egoras = CEGORAS(0x7a24C....);
require(egoras.approveLoan(“20"), "unable to approve loan");

Web 3

const instance = await new web3.eth.Contract(abi, address)
await instance.methods.approveLoan("20").send({from: 0xMyAccount});