Loan Account Fields
| Field Name (attribute) | Description | Example | Validations (if applicable) | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Details Section | |||||||||
| Product | Product is the name of the loan product that the loan account is based upon. For a new loan account, the loan account form will be populated with the loan product defaults and rules when the loan product name is selected from the list. Depending on the loan product definition some fields may or may not be visible on the loan account form. Cannot be changed once a loan account is approved. | Home Building Loan A | Required field Select from list | ||||||
| Loan Officer | Loan officer is the financial institution representative who has responsibility for, and interacts with, the client / group associated with a loan account. | Optional Select from list | |||||||
| Loan Purpose | The loan purpose provides an indication of how the funds provided through the loan will be directed and can be used to group loans with the same purpose for reporting. The values in the list are defined by your system administrator. Cannot be changed once a loan account is approved. | Agriculture | Optional Select from list | ||||||
| Fund | The fund value will be filled in from the loan product definition. It may be modified on the loan account if a different fund should be linked to the loan account. Cannot be changed once a loan account is approved. | Optional Blank, default, or select from list | |||||||
| Submitted on | The date the loan account application was received. The date may be a date in the past or today's date. It cannot be future-dated. Select the date from the pop-up calendar or enter the date in the prescribed date format. Cannot be changed once a loan account is approved.
| 01 Jan 2013 | Required field Date dd mmm yyyy | ||||||
| Disbursement on | The date that the loan account is expected to be disbursed. Cannot be changed once a loan account is approved. | 08 Jan 2013 | Required field Date dd mmm yyyy | ||||||
| Terms Section | |||||||||
Principal
| Principal is the amount of money to be loaned. The principal will default to the value set in the loan product. The principal may be modified but must be within any minimum to maximum range specified on the loan product. Cannot be changed once a loan account is approved. | 10000 | Required fields Numeric | ||||||
| Loan term | The loan term is the length of time the client or group agrees to repay the loan. The loan term will default to the value set in the loan product. The loan term may be modified but must be within any minimum to maximum range specified on the loan product. Cannot be changed once a loan account is approved. | 52 Weeks | Required field Numeric and select from list | ||||||
Number of repayments | The number of repayments specifies the number of repayments to be made from the time the loan is disbursed until the financial obligation of the loan is expected to be met. The number of repayments will default to the value set in the loan product. The number of repayments may be modified but must be within any minimum to maximum range specified on the loan product. Cannot be changed once a loan account is approved. | 26 | Required fields
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| Repaid every | Repaid every specifies the frequency of repayments. The frequency will default to the value set in the loan product. The frequency may be modified. Cannot be changed once a loan account is approved. | 2 Weeks | Required field Numeric and select from list | ||||||
| First repayment on | A first repayment date may be entered to override the date the system would schedule. Cannot be changed once a loan account is approved. | 15 June 2014 | Optional Date format DD MMM YYYY
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| Interest charged from | A interest charged from date may be entered to override the date the system would start charging interest. Cannot be changed once a loan account is approved. | 15 June 2014 | Optional Date format DD MMM YYYY | ||||||
Nominal interest rate | The nominal interest rate will default from the loan product setting. A loan officer may be able to modify the interest rate, but will not be able to modify the interest rate period (e.g., monthly, yearly). | 1.25 yearly | Required field Numeric | ||||||
Interest method | The interest method will default from the loan product setting. A loan officer may select a different interest method for the loan account. | Flat | Required field Select from list | ||||||
| Amortization | Amortization will default from the loan product setting. A loan officer may select a different amortization for the loan account. | Equal Installments | Required field Select from list | ||||||
| Interest calculation period | How does this relate to the nominal interest rate "period".... | Arrears tolerance | Is this a currency amount or days or ? | The interest calculation period will default from the loan product setting. A loan officer may select a different interest calculation period for the loan account. | Same as repayment period | Required field Select from list | |||
| Arrears tolerance | The arrears tolerance will default from the loan product setting. A loan officer may select a different arrear tolerance amount for the loan account. | .01 | Optional field Numeric | ||||||
| Interest free period | The interest free period will | ||||||||
| Repayment strategy |
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Moratorium On principal payment On interest payment On Arrears Ageing | I need a tutorial on the moratorium idea and implementation.... | ||||||||
| Link savings |
| 5 | |||||||
| Maximum number of days a loan may be overdue before becoming a NPA (non performing asset) | A loan is a NPA once the number of days entered into this field is exceeded. If this field is blank, the loan will be an NPA the after a scheduled payment is missed. If 35 is specified, as in the example value, the loan will be an NPA on the 35th (or 36th) day after a scheduled payment is missed. | 35 | |||||||
| Charges Section | |||||||||
| Charges | Select a charge from the Charges list and click Add. If more charges apply to the loan product, select additional charges and click Add for each. | ||||||||
| Overdue Charges | Select an overdue charge from the Overdue Charges list and click Add. If more overdue charges apply to the loan product, select additional overdue charges and click Add for each. | ||||||||
| Collateral | |||||||||
Collateral Item Value Description |
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