Add New Loan

This guide will walk you through the steps to create a loan on the system, including collateral loans, MOU loans, advance loans, group loans, personal loans, and custom loan products.

#Loan Types

The system supports the following loan types:

1. Collateral Loan: A loan secured by an asset provided by the borrower.
2. MOU Loan: A loan issued under a Memorandum of Understanding (MOU) agreement.
3. Advance Loan: A short-term loan provided as an advance.
4. Group Loan: A loan issued to a group of borrowers collectively.
5. Personal Loan: An unsecured loan issued to an individual borrower.
6. Custom Loan Product: A new loan product that can be added to meet specific requirements.

#Steps to Create a Loan

#Step 1: Access the Loan Creation Page

• Log in to the system using your credentials.
• Navigate to the Data Entry section on the dashboard.
• Click on Add New Loan.

#Step 2: Select Loan Type

• On the loan creation page, select the type of loan you want to create from the dropdown menu:
  • Collateral Loan
  • MOU Loan
  • Advance Loan
  • Group Loan
  • Personal Loan
  • Custom Loan Product

#Step 3: Enter Loan Details

• Fill in the required loan details, including:
  • Borrower Information: Select the borrower from the client list.
  • Loan Amount: Enter the loan amount.
  • Interest Rate: Specify the interest rate for the loan.
  • Repayment Schedule: Define the repayment schedule (e.g., weekly, monthly).
  • Loan Term: Specify the loan duration (e.g., 6 months, 1 year).
  • Collateral Details (if applicable): Provide details of the collateral for collateral loans.
  • Group Details (if applicable): Select the group for group loans.

#Step 4: Add Custom Loan Products (Optional)

• If you need to create a new loan product:
  • Click on the Add New Loan Product button.
  • Enter the product name, description, and default terms (e.g., interest rate, repayment schedule).
  • Save the new loan product.

#Step 5: Review and Submit

• Review the loan details to ensure accuracy.
• Click on the Submit button to create the loan.

#Step 6: Confirm Loan Creation

• A confirmation message will appear once the loan is successfully created.
• The loan will now be visible in the Loans section under "Operations."

#Notes

• Ensure that all borrower information is accurate before creating a loan.
• Use the Custom Loan Product option to define loan products tailored to specific needs.
• For collateral loans, verify the collateral details before submission.

#Conclusion

By following these steps, you can efficiently create and manage various types of loans on the system. This ensures flexibility and customization to meet the needs of borrowers.

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