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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:

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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