About Products
A product is a financial offering by a financial institution to its clients. Products are set up once
and are then available to qualifying clients (individuals, groups, and centers).
Financial institutions can set up and configure:
- Loan Products
- Deposit Products:
- Savings Products (current and saving accounts)
- Share products
- Term deposit products
Each product may have one or more associated charges (i.e. fees and penalties). These charges need to be defined before they can be associated with a product. To learn about charges see Charges.
Your system administrator will define which users are able to define
About Loan Products
Loansproducts
,
About Saving Products
About Fixed Deposit Products
About Recurring Deposit Products
charges and product mix.
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On this page:
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Creating a Loan Product
Explain that products are system-wide. Must be set up and configured before you can create accounts. Accounts are individual instances of a product.
Can also touch on which settings are editable at the account level once a product is created and which can't be edited.
Before you can create a loan product, you must be logged in to Mifos.
- Select Products from the Admin menu.
- Click Loan Products.
- Click +Create Loan Product.
- Fill in the loan product fields described in the Loan Product Fields table.
- Click Submit.
Principal:
Minimum
Default
Maximum
Number of repayments:
Minimum
Default
Maximum
Nominal interest rate:
Minimum
Default
Maximum
Period?
Repaid every:
Value
Frequency
On principal payment
Number of days a loan may be
overdue before moving into arrears
On interest payment
Maximum number of days a loan
may be overdue before becoming a
NPA (non performing asset)
Loan Tranche Details
Editing Existing Products
This will touch on what happens to accounts that already exist when you edit a current product (what we discussed on the phone).
Field Name (attribute) | Description | Example | Validations (if applicable) |
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