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Loan products define the rules, default settings, and constraints for a financial institution's lending offerings. A loan product provides a template for multiple loan accounts for the financial institution's clients.

The information required to set up a loan product includes:

  • Identifying or descriptive information 
  • Currency information 
  • Terms
  • Settings
  • Tranche
  • Charges
  • Accounting

On this page:

Beginning at the main screen, select Admin, then Products from the drop-down menu. This will launch the Products menu.

Select Loan Products. 

Create Loan Product 

 

Details 


Note: All red colored asterisk mark are mandatory fields. 

Please refer above Details - Image, Below mentioned Details are updated with respect to the provided fields number's.   
1 - Provide loan product name .(Mandatory) 
2 - Provide short name. (Mandatory) 
3 - Provide description of this product. 
4 - Select Fund source. Need to have defined required funds: Manage Funds. 
5 - Provide Loan product Start date 
6 - Provide Loan product Close date. Note - Loan product cant be used after this date. 
7 - On checking the check box, it captures number of loan taken by customer. 
Currency 


8 - Select currency. Need to have defined required currency: Currency Configuration
9 - Provide Decimal places. 
10 - Provide currency in multiples of. This is to provide total amount rounding off. For ex: 10, so Total amount gets rounded of to 10's. 
11 - Provide installment in multiples of. This is to provide installment rounding off. For ex: 10, so Installment amount gets rounded of to 10's. 
Terms

12 - 
13 - 
14 -
15 - 
16 - 
17 - 
18 - 
If you are loan product is not 
19 - Check the check box to enable "Terms vary based on loan cycle". 
20 - Click on Add button to define 
21 - 
22 - 
Mifos X provides the ability to restrict loan account holding combinations not allowed by a financial institution. Use the Product Mix capability to define your financial institutions restrictions. 

Key Error Messages

A loan account is a specific instance of a loan product, with a specified interest rate and an account number, and it is owned by a financial institution client.

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