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, financial institution client.
A client may be an individual or a 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.
Loan accounts can be opened only for Approved/Active clients.
Charges (fees and penalties) can be charged to loan accounts in three ways:
- Fees are inherited from the product definition. A loan office may have the ability to remove one or more of these fees for a loan account. If a fee is removed from a 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. The
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