Loan products define the Rules, Default Settings and constraints for financial institutions lending offerings. A Loan product provided tempetes for multiple loan accounts for the financial institutions clients.

Select Loan Product from the quick access menu. This will launch the Manage Loan Products Page.

Create Loan Product

Click Blue +Create New Product icon at the right-bottom of the manage loan product screen.

Complete the following Fields:

• Provide Short Name

• Provide Loan Product Name

• Provide Description of the product

• Select  Currency from drop down menu

• Provide minimum principal amount of the loan

• Provide maximum principal amount of the product

• Set Maximum Term of the product. Select either weeks, months or years.

• Click CONTINUE

• Provide Cash/Fund Accounts (Assets accounts only)

• Provide Member Loan Ledger (Assets ledger only)

• Click CONTINUE

• Set Interest Rates. Select Interest Range to set Minimum and Maximum interest rates (Mandatory)

• Provide Interest Income Account (Revenue Accounts only)

• Provide Interest Accrual Account (Assets accounts only)

• Click CONTINUE

• Provide Processing fee income account (Revenue accounts only)

• Provide Loan Origination fee income account (Revenue accounts only)

• Provide Disbursement fee income account (Revenue accounts only)

• Provide Late fee income account (Revenue accounts only)

• Provide Late fee Accrual account (Asset accounts only)

• Click CONTINUE

• Provide Arrears Allowance (Expense accounts only)

• Click CREATE PRODUCT

View Loan Product

Return to Manage Loan Product page. A chart of all loan products created will be displayed.

• Click on blue SHOW button against the loan product. In the example we use loan Business Loan

• Click on disable product to change product status

Manage Fees

Click on Fee on the loan page to manage fees

• Click on Ranges To view product Ranges

• Click on blue +create new range icon at the right-bottom of the manage ranges page

• Enter Identifier

• Enter Range start

• Enter Range End

• Click ADD RANGE if you want to add another range

• Click on CREATE RANGE

Manage Tasks

Click on Tasks on the loan page to manage tasks definitions. Click on blue +create new tasks icon at the bottom of the manage tasks definitions page.

• Enter Identifier

• Enter Name

• Enter Task Description

• Select Mandatory if  task is mandatory

• Select Four Eyes

• From Drop Down menu select when tasks needs to be executed

• Click on CREATE TASK

Click on Loss Provision Configuration to edit configuration. Click on Blue Edit Configuration icon at the right bottom of the loss provision configuration page.

• Click ADD STEP

• Enter Days late

• Enter Percent provision

• Click UPDATE LOSS PROVISION

Next Page : Deposit