Loans are applied in this module. A customer name is picked then a loan applied.It contains loan product , interest method,effective date ,repayment period and the loan amount being applied.
This module is used to indicate the persons who have agreed and given their consent to back up the person seeking loan with their shares or deposits. You can choose to set the number of minimum or maximum guarantors within the loan product settings menu.
The loan product can be designed to have numerous loan charges that are deducted from the final loan given to the customers. These commission and charges are added automatically when you create and update loan application. You can also add ad-hoc charges (which are not designed on the loan product) to cater for special situations.
Collaterals are defined in the client details window and a loan product setting can be setup such that it requires collateral. When defining loan collateral requirements, you can also define the Collateral Max percentage which is the percentage of the payable loan that is covered by the collateral. If you do not define it, then 100% of the payable loan will be assumed. Payable loan is loan + interest.
Loan appraisals are done to determine the client’s ability to repay loan.
All loans should be approved before being disbursed.One can set the number of people required to approve a loan.Incase of dissapproval a reason is given. Later the approval is confirmed.
Once the loan applied has been approved its now disbursed to the client. We create the disbursement with the amount being disbursed then it is approved. The bank account is specified and sent to that account. The system also allows double disbursement where the amount does not necessarily have to be disbursed once.
Amortization table shows payment pattern depending on the loan values and the interest method in use. It uses the repayment period given to calculate .The deduction column shows the net loan payment using this method.
This module show how a loan has been paid since the time it was acquired. It has two modules :Transactions and Period Balances. Transactions show the transactions of a given loan .The period balances gives a summary for the month.