About Loan Accounts
A loan account is a specific instance of a loan product, with . A loan account has a unique account number, a specified interest rate, and an account number; and it is owned by a one, and only one, financial institution client.
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A client may be an individual or a group. |
Loan A loan account can be created for loan products that are active they inherit in Mifos. When a loan account is created, it inherits the rules and defaults from the product the loan product definition. Loan accounts can be created for either an individual or a groupSome of the inherited information may be modified, depending on whether the product is defined for clients or groups. A group or client can have multiple loan accounts but a single account cannot be given to multiple groups or clients.
loan product definition.
A client may have multiple simultaneous loan accounts within the financial institution's policies, defined in the Product Mix.
Loan accounts can be opened only for Approved/Active clients and groups.
Fees can Charges (fees and penalties) can be charged to loan accounts in three ways, both at time of account creation and after. :
- Fees are inherited from the product definition. The LO can A loan office may have the ability to remove one or more of these fees for a particular loan account. If a fee is removed from an a loan account, it does not affect other loan accounts.
- Predefined fees Charges (not yet associated with the loan account) can be selected and attached to the loan account.
- Miscellaneous fees charges (one time charge) can be charged to an a loan account. The user loan officer specifies the amount, which is added in the next payment.
Loan accounts can be created by clicking the Open new The loan account link in the Quick Start navigation pane on the Home tab. A user with appropriate permissions will then need to then identify the client or group for which the loan is being created and select the loan product that will define the loan.lifecycle is illustrated in the Mifos X Loan Account Lifecycle Diagram. The
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