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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Creating a Loan 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.
| Field Name (attribute) | Description | Example | Validations (if applicable) |
|---|---|---|---|
| Product name | A name that identifies the product. | ||
| Short name | |||
| Description | |||
| Fund | |||
| Start date | The date that the loan product will be active and available to clients. | ||
| Close date | The date that the loan product will become inactive and will no longer be available to clients. | ||
| Include borrower loan counter | |||
| Currency | |||
| Decimal places | |||
| Currency in multiples of | |||
| Terms vary based on Loan Cycle | |||
Principal: Minimum Default Maximum | |||
Number of repayments: Minimum Default Maximum | |||
Nominal interest rate: Minimum Default Maximum Period? | |||
Repaid every: Value Frequency | |||
| Amortization | |||
| Interest method | |||
| Interest calculation period | |||
| Arrears tolerance | |||
| Repayment strategy | |||
| Interest free period | |||
Moratorium On principal payment Number of days a loan may be On interest payment Maximum number of days a loan | |||
Loan Tranche Details | |||
| Is Multi Disburse Loan | |||
| Maximum Tranche count | |||
| Maximum allowed outstanding balance | |||
| Charges | |||
| Overdue Charges | |||
| Accounting |
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) |
|---|---|---|---|
| Warning | ||
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