About Loan Accounts
A loan account is a specific instance of a loan product. A loan account has a unique account number, a specified interest rate, and it is owned by one, and only one, client or group.
A loan account can be created for loan products that are active in Mifos. When a loan account is created, it inherits the rules and defaults from the loan product definition. Some of the inherited information may be modified, depending on the loan product definition.
A client may have multiple simultaneous loan accounts within the financial institution's policies, defined in the Product Mix. Does the product mix recognize clients in groups for the purposes of enforcing the product mix rules?
Loan accounts can be opened only for active clients.
Charges (fees and penalties) can be charged to loan accounts in three ways:
- Charges are inherited from the product definition. A loan officer may have the ability to remove one or more of these charges for a loan account. If a charge is removed from one loan account, it does not affect other loan accounts.
- Charges (not yet associated with the loan account) can be selected and attached to the loan account.
- Miscellaneous charges (one time charge) can be charged to a loan account. The loan officer specifies the amount, which is added in the next payment.
The loan account lifecycle is illustrated in the Mifos X Loan Account Lifecycle diagram. Loan account states are visually indicated in Mifos X using the color scheme illustrated in the Mifos X Loan Account Lifecycle diagram.
Mifos X Loan Account Lifecycle
The actions and transactions for Loan Accounts are:
| Previous State | Action | Resulting State |
|---|---|---|
| N/A | Add Loan | Pending Approval |
| Pending Approval | Add Loan Charge Approve Modify Application Reject Assign Loan Officer Withdrawn by client Delete Add Collateral Guarantor Loan Screen Reports | Pending Approval Approved Pending Approval Cancel (Rejected) Pending Approval Cancel (Withdrawn) N/A Pending Approval Pending Approval Pending Approval |
| Approved | Assign Loan Officer Disburse Disburse to Savings Undo Approval Add Loan Charge Guarantor Loan Screen Reports | Approved Active Active Pending Approval Approved Approved Approved |
| Active | Add Loan Charge Make Repayment Undo Disbursal Waive Interest Write-Off Close (as Rescheduled) Close Loan Screen Reports | Active Active Approved Active Closed (Written Off) Closed (Rescheduled) Closed (Obligation Met) or Closed (Overpaid) Active |
An active loan account in good standing is indicated by a green status. A active loan account that is not in good standing is indicated by a red status.
Group Loan Accounts
Group loan accounts differ from individual accounts in the following ways:
- Responsibility for the loan is shared amongst equally among the member members of a group
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