Loan Accounts

Loan accounts can be created for all Active products in the system; they inherit the rules and defaults from the product definition. Loan accounts can be created for either an individual or a group, depending on whether the product is defined for clients or groups. A group or client can have multiple loan accounts but a single account cannot be given to multiple groups or clients.

Loan accounts can be opened only for Approved/Active clients and groups.

Fees can be charged to loan accounts in three ways, both at time of account creation and after.

Fees are inherited from the product definition. The LO can remove one or more of these fees for a particular account. If a fee is removed from an account, it does not affect other accounts.
Predefined fees (not yet associated with the account) can be selected and attached to the account.
Miscellaneous fees (one time charge) can be charged to an account. The user specifies the amount, which is added in the next payment.

Loan accounts can be created by clicking the Open new loan account link in the Quick Start navigation pane on the Home tab. A user with appropriate permissions will then need to then identify the client or group for which the loan is being created and select the loan product that will define the loan.

Attributes for Loan Accounts

The loan product attributes are inherited from the product definition. The defaults for some attributes can be overwritten at the account level as long as the new value remains within the min/max range defined in the product definition.

				Mandatory for State=		Editable after State=
S. No.	Attribute Name	Data Type	Default Value	Partial/ Pending	Approved	Partial	Pending	Approved	Range	Can be disabled?	Configurable/ Mandatory/Optional	Description/ Notes
1.	Account Owner	String Un-editable, chosen from search results	N/A	Yes	Yes	No	No	No	Search results of list of Approved clients in the system	No	Mandatory
2.	Purpose of Loan	Drop-Down	None	No	No	Yes	Yes	Yes	Options as defined by HO	No	Optional
3.	Loan Name	Drop-Down- single select	None	Yes	Yes	No	No	No	All products in the status “Active” and Applicable to the “Account owner type”	No	Mandatory	If Account Owner is a client, products applicable to “Clients” will be displayed in the Loan product list. Similarly for groups.
4.	Loan system ID	N/A	N/A	Yes	Yes	N/A	N/A	N/A	N/A	No	Mandatory	Un - editable- system generated
5.	Loan Amount	Number	If specified, inherited from product definition.	Yes	Yes	Yes	Yes	No	Min/Max amounts as defined in product definition	No	Mandatory
6.	Interest rate	Percentage	Inherited from product definition	Yes	Yes	Yes	Yes	No	Min/Max rate as defined in product definition	No	Mandatory	The rate field can be zero, but cannot be left blank.
7.	Number of installments	Number	Inherited from product definition	Yes	Yes	Yes	Yes	No	Min/Max installments as defined in product definition	No	Mandatory
8.	Disbursal Date	Date	Next meeting date	Yes	Yes	Yes	Yes	Yes	Any date – in between the loan approval date and one year from the current date.	No	Mandatory	This date is used as a Loan Start Date to generate the repayment schedule. The user can fill this field at the beginning of the loan to project when loan is disbursed; but this field can be updated anytime before disbursement.
10.	Grace period for repayments	Number of installments	Inherited from product definition	No	No	Yes	Yes	Yes	0; Min/max number of installments	No	Mandatory (if grace period is specified)	If grace period type (as per product definition) is “None”, OR, If Interest is deducted at disbursement, then this field is disabled. If the loan account is still in grace period, the length of grace period can be extended or reduced. It cannot be reduced for the period already crossed. For example, if the grace period is for three installments, and when the account is at 0.5 installments, it cannot be reduced to one installment, but can be reduced to two installments.
11.	Fee types	List	Inherited from product definition	No	No	Yes	Yes	Yes	Predefined fee types	No	Optional	Only those fee types for which periodicity aligns with the repayment frequency can be attached to the account/ product. Seefees for details.
12.	Source of Fund	Look-up, single select	None	No	Yes	No	No	No	Inherited from the product definition	No	Mandatory
14.	Collateral Type	Drop down- single select	None	No	No	Yes	Yes	Yes	Options defined by HO	No	Optional	Mifos system does not link these accounts; neither does it perform any validations for balance, validity, etc. of the savings account.
15.	Collateral Notes	Text (200)	None	No	No	Yes	Yes	Yes	N/A	No	Optional	System allows only a single Collateral Note This note can be edited multiple times, but the system displays only the last saved Collateral Note
16.	Status	Drop-Down	N/A	N/A	N/A	N/A	N/A	N/A	Refer Status flow.	No
17.	Flag	Drop-Down- single select	None	N/A	N/A	N/A	N/A	N/A	Rejected; Withdrawn; Other	No	Mandatory	Applicable only for status= Cancelled
18.	Question Groups	Mix	None	No	No	Yes	Yes	Yes			See Question Groups.
19.	Notes	Text Field (500 char)	None	No	No	Yes	Yes	Yes	N/A	No	Optional	An account can have multiple "notes" attached to it.
20	External ID	Text Field	None	No	No	Yes	Yes	Yes	N/A	No	Optional	External ID is not enforced as unique.
Account Balance Details- System calculated Uneditable fields
20.	Principal Paid	Number		N/A	N/A	N/A	N/A	N/A	N/A	No	Mandatory	Total principal paid by the client/ group till date
21.	Interest Paid	Number		N/A	N/A	N/A	N/A	N/A	N/A	No	Mandatory	Total interest paid by the client/ group till date
22.	Fees Paid	Number		N/A	N/A	N/A	N/A	N/A	N/A	No	Mandatory	Total fees paid (all fee types) by the client/ group till date
23.	Penalty Paid	Number		N/A	N/A	N/A	N/A	N/A	N/A	No	Mandatory	Total penalty paid by the client/ group till date
24.	Total Amount Paid	Number		N/A	N/A	N/A	N/A