Loan Account Fields

Loan Account Fields

Details Section

Field name (attribute)

Description

Example

Validations (if applicable)

Product

Product is the name of the loan product that the loan account is based upon. For a new loan account, the loan account form will be populated with the loan product defaults and rules when the loan product name is selected from the list. Depending on the loan product definition, some fields may or may not be visible on the loan account form.

Cannot be changed once a loan account is approved.

Home Building Loan A

Required field

Select from list

Loan Officer

Loan officer is the financial institution representative who has responsibility for and interacts with the client/group associated with a loan account.

Optional

Select from list

Loan Purpose

The loan purpose provides an indication of how the funds provided through the loan will be directed and can be used to group loans with the same purpose for reporting. The values in the list are defined by your system administrator.

Cannot be changed once a loan account is approved.

Agriculture

Optional

Select from list

Fund

The fund value will be filled in from the loan product definition. It may be modified on the loan account if a different fund should be linked to the loan account.

Cannot be changed once a loan account is approved.

Optional

Blank, default, or select from list

Submitted on

The date the loan account application was received. The date may be a date in the past or today's date. It cannot be future-dated. Select the date from the pop-up calendar or enter the date in the prescribed date format.

Cannot be changed once a loan account is approved.

01 Jan 2013

Required field

Date

dd mm yyyy

Disbursement on

The date that the loan account is expected to be disbursed.

Cannot be changed once a loan account is approved.

08 Jan 2013

Required field

Date

dd mm yyyy

External Id

Provides an external id for the loan account.

Meeting Details (For Group and JLG Loans)

If the loan account is for a group or JLG and the group has a meeting schedule, loan disbursement and the repayment schedule can be tied to the meeting schedule. The loan account form will display group meeting start date and repeat frequency.

Field name (attribute)

Description

Example

Validations (if applicable)

Sync repayments with meeting

Used to sync the scheduled repayment dates with the group's meeting dates.

Checked means repayment dates will sync with meeting dates

Sync disbursement date with meeting

Used to schedule loan disbursement on a group meeting date.

Checked means loan disbursement will be schedule on a meeting date

Terms Section

Field name (attribute)

Description

Example

Validations (if applicable)

Principal

Principal is the amount of money to be loaned. The principal will default to the value set in the loan product. The principal may be modified but must be within any minimum to maximum range specified on the loan product.

Cannot be changed once a loan account is approved.

10000

Required fields

Numeric

Loan term

The loan term is the length of time the client or group agrees to repay the loan. The loan term will default to the value set in the loan product. The loan term may be modified but must be within any minimum to maximum range specified on the loan product.

Cannot be changed once a loan account is approved.

52 weeks

Required fields

Numeric and select from list

Number of repayments

The number of repayments specifies the number of repayments to be made from the time the loan is disbursed until the financial obligation of the loan is expected to be met. The number of repayments will default to the value set in the loan product. The number of repayments may be modified but must be within any minimum to maximum range specified on the loan product.

Cannot be changed once a loan account is approved.

26

Required fields

Repaid every

Repaid every specifies the frequency of repayments. The frequency will default to the value set in the loan product. The frequency may be modified.

Cannot be changed once a loan account is approved.

2 weeks

Required field

Numeric and select from list

First repayment on

A first repayment date may be entered to override the date the system would schedule.

Cannot be changed once a loan account is approved.

15 June 2014

Optional

Date format DD MM YYYY

Interest charged from

An interest charged from date may be entered to override the date the system would start charging interest.

Cannot be changed once a loan account is approved.

15 June 2014

Optional

Date format DD MM YYYY

Nominal interest rate

The nominal interest rate will default from the loan product setting. A loan officer may be able to modify the interest rate but will not be able to modify the interest rate period (e.g., monthly, yearly).

1.25 yearly

Required field

Numeric

Interest method

The interest method will default from the loan product setting. A loan officer may select a different interest method for the loan account.

Flat

Required field

Select from list

Amortization

Amortization will default from the loan product setting. A loan officer may select a different amortization for the loan account.

Equal installments

Required field

Select from list

Interest calculation period

The interest calculation period will default from the loan product setting. A loan officer may select a different interest calculation period for the loan account.

Same as repayment method

Required field

Select from list

Arrears tolerance

The arrears tolerance will default from the loan product setting. A loan officer may select a different arrears tolerance amount for the loan account.

.01

Optional field

Numeric

Interest free period

The interest free period will default from the loan product setting. A loan officer may select a different interest free period for the loan account.

Optional field

Numeric

Repayment strategy

The repayment strategy will default from the loan product setting. A loan officer may select a different repayment strategy for the loan account.

Mifos style

Required field

Select from list

Moratorium

On principal payment

On interest payment

On Arrears Ageing

The moratorium information will default from the loan product settings. A loan officer may select different moratorium values for the loan account.

Optional fields

Link savings

Select a saving account to link to the loan. If there is a saving account linked, the loan funds may be disbursed to the saving account and loan repayments may be transferred from the saving account. The list will be populated with saving accounts that are eligible to link to the loan account. If the list is empty, there are no eligible saving accounts.

Select from list

Charges Section

Charges defined on the loan product will automatically appear as charges on the loan account. Default charges may be removed by clicking the X under the Actions column. Charges may also be added as described in this section.

Field name (attribute)

Description

Example

Validations (if applicable)

Charges

Select a charge from the Charges list and click Add. If more charges apply to the loan product, select additional charges and click Add for each.

Overdue charges

Select an overdue charge from the Overdue Charges list and click Add. If more overdue charges apply to the loan product, select additional overdue charges and click Add for each.

Collateral

Field name (attribute)

Description

Example

Validations (if applicable)

Collateral

Collateral

Value

Description

Identify any items the client or group provides as collateral for the loan account.

Your financial institution will define the collateral types it accepts.

Value is the value of the collateral item expressed in the same currency as the loan account's currency.

The description is used to provide details of the collateral item.

Add as many collateral items as desired or available.

Optional

Select from list

Numeric

Alphanumeric

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