Activity Problem: Automating Basic Loan Eligibility Assessment for "SwiftLoan Bank"
Scenario:
SwiftLoan Bank, a new online lending platform, wants to streamline its initial loan application
process. Currently, loan officers manually review every application to determine basic eligibility,
which is time-consuming and prone to inconsistencies. They've decided to implement a
preliminary automated system to quickly assess eligibility based on two key criteria: Credit Score
and Monthly Income.
The bank has provided the following eligibility rules:
• Premium Loan Eligibility: If an applicant has a Credit Score of 700 or higher AND a
Monthly Income of $4,000 or more, they are eligible for a "Premium Loan." Their
application should be fast-tracked.
• Standard Loan Eligibility: If an applicant has a Credit Score of 600 or higher (but less than
700) AND a Monthly Income of $2,500 or more, they are eligible for a "Standard Loan."
Their application will require further financial review.
• Basic Loan Eligibility: If an applicant has a Credit Score of 500 or higher (but less than
600), they might be eligible for a "Basic Loan," regardless of income. However, additional
documentation and potentially a co-signer would be needed.
• Not Eligible: If an applicant does not meet any of the above criteria (i.e., their credit score is
below 500), they are "Not Eligible" for a loan at this time.
Your Task:
Develop a simple Python program that acts as the automated eligibility checker for SwiftLoan Bank.
Requirements:
1. Input: Your program should:
o Prompt the user to enter their Credit Score (as a whole number).
o Prompt the user to enter their Monthly Income (as a decimal number).
2. Logic: Implement the loan eligibility rules provided above using if, elif, and else conditional
statements.
3. Output: Based on the input and the rules, your program should print a clear message
indicating:
o The type of loan the applicant is eligible for (Premium, Standard, Basic).
o Any specific next steps or conditions associated with that loan type.
o If they are not eligible, a message stating that.
Example Interactions:
• Input: Credit Score: 720, Monthly Income: 4500 Output: "Congratulations! You are eligible
for a PREMIUM loan. Your application will proceed quickly."
• Input: Credit Score: 630, Monthly Income: 3200 Output: "You are eligible for a STANDARD
loan. Further review of your financial history may be required."
• Input: Credit Score: 560, Monthly Income: 1800 Output: "You might be eligible for a BASIC
loan. Additional documentation and a co-signer may be needed."
• Input: Credit Score: 490, Monthly Income: 2000 Output: "Unfortunately, we cannot offer
you a loan at this time. Consider improving your credit score or increasing your income."
