Beginning at the main screen, select Admin, then Products from the drop-down menu. This will launch the Products menu.
Select Loan Products.
Create Loan Product
Details
Note: All red colored asterisk mark are mandatory fields.
Please refer above Details - Image, Below mentioned Details are updated with respect to the provided fields number's.
1 - Provide loan product name .(Mandatory)
2 - Provide short name. (Mandatory)
3 - Provide description of this product.
4 - Select Fund source. Need to have defined required funds: Manage Funds.
5 - Provide Loan product Start date
6 - Provide Loan product Close date. Note - Loan product cant be used after this date.
7 - On checking the check box, it captures number of loan taken by customer.
Currency
8 - Select currency. Need to have defined required currency: Currency Configuration
9 - Provide Decimal places.
10 - Provide currency in multiples of. This is to provide total amount rounding off. For ex: 10, so Total amount gets rounded of to 10's.
11 - Provide installment in multiples of. This is to provide installment rounding off. For ex: 10, so Installment amount gets rounded of to 10's.
Terms
Section A: Defining Loan term for normal loan product.
Note: - If you are loan product is based on Loan cycle - Jump to Section B.
12 - Provide Principal(Loan) amount, Default field is a mandatory field. Minimum and Maximum are optional fields where in loan amount cant be provided beyond the min & max value.
Ex: Minimum: 5000, Default: 10000 & Maximum: 15000. At the loan account level default values will be shown.
13 - Provide Number of repayments, Default field is a mandatory field. Minimum and Maximum are optional fields where in no. of repayments cant be provided beyond the min & max value.
Ex: Minimum: 5, Default: 10 & Maximum: 15. At the loan account level default values will be shown.
14 - Provide Rate of Interest, Default field is a mandatory field. Minimum and Maximum are optional fields where in rate of interest cant be provided beyond the min & max value.
Ex: Minimum: 18, Default: 22 & Maximum: 24. At the loan account level default values will be shown.
15 - Select Per month or Per year for Rate of Interest.
Ex: Per year.
16 - Provide Repaid Every value
Ex: 1
17 - Select Day or Week or Bi-week or Month
Ex: Week
18 - This is an optional field. This could be used in-case, if you want to set "Minimum days between disbursal and first repayment date".
Ex: 10(Days), So if the loan disbursement is on Jan 1st and normal expected first repayment is on 8th Jan.
If you are providing 10 days as Minimum days between disbursal and first repayment date. Then first repayment will happen on 11th Jan.
Or If Or Section B: If you are loan product is not based on Loan cycle.
19 - Check the check box to enable "Terms vary based on loan cycle".
20 - Provide values in principal section. Click on Add button to define
21 -
22 -define Principal by loan cycle.
In the above image showing:
21 - Equals - Loan cycle as 1 with Principal Default amount of 10000. (If there was a one more cycle, it could be defined as Equals - loan cycle as 2 with principal amount)
22 - Greater than - Loan cycle as 1 with Principal Default amount of 20000. Greater than should always be used for the last cycle.
Mifos X provides the ability to restrict loan account holding combinations not allowed by a financial institution. Use the Product Mix capability to define your financial institutions restrictions.
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A loan account is a specific instance of a loan product, with a specified interest rate and an account number, and it is owned by a financial institution client. |
Info |
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