Loan Product and Accounting with Mifos

Mifos users can easily create loan products for their clients, and also do accounting with the provided features. The features can be easily enabled with some steps. The inputs are also highly modifiable.

Creating Loan Product

Before you start

First of all, you have to enable the module that allows you to add dates to your inputs by using these steps:

1. Go to admin → System
2. Select the Configuration menu
3. Search the "organisation-start-date" menu
4. You can now enable it by clicking the button next to it

Create your first loan product

1. Click the admin → products on the navigation bar
2. Here you can create some products you want. For this instance, you can create loan product with the option
3. After you have selected the loan product, you can make a new one by pressing "Create Loan Product"
4. Here you can create your own first loan product with your own configurations
5. You can also enable the accounting function at the end of the procedure (optional)

Creating loan product for your clients

Since you've created your loan product, you can add it directly into your client's data. You can follow these steps for your guidance:

1. Go to Clients → Clients
2. Select the client you want the loan product to be added to
3. Here you can see their loan account overview
4. You can add new loan product into your client's data by clicking "New Loan"
5. Now select the loan product you want
6. Configure it as you want and finish with the "Proceeds" button
7. Now you just have to approve the loan product you want to add

Making repayments for your client's loan product

To add repayments for your client's loan product, you can do these steps:

1. Go to your client's data once more, Clients → Clients → your client's data
2. The loan account you want to repay for, have to be accepted and disbursed first
3. Select the loan product you want to repay then click the dollar sign to make repayment
4. Fill in the details needed
5. When it's successful, it will show the repayments list

Rescheduling the client's loan account

You can also reschedule the client's loan account by going to more → reschedule in your client's loan account selections.