Overview

The General tab is the main screen for managing an existing loan. It provides a comprehensive overview of the loan's core details and is the primary place to perform fundamental actions such as changing the loan's status (e.g., activating, cancelling, or writing off), viewing key financial totals, and configuring default charge settings.

Navigation

1. Navigate to Client Administration and Search for Existing Client.
2. Select the desired client and click the Loans button.
3. From the list, select the specific loan you wish to edit.
4. Click the Edit Loan button.
5. Ensure the General tab is selected.

Field & Section Descriptions

The information on this tab is grouped into several logical sections.

GENERAL

• Status: Displays the current status of the loan. This dropdown is used to perform critical status changes.

  • Cancelling a Loan: To cancel a loan, change the status to Cancelled and click Save. You will be prompted to provide a reason. This action automatically reverses the financial transactions by:
    • Debiting the Loan Amount (Capital).
    • Debiting the Interest Reversed.
    • Debiting the Cashbox ledger.
    • Crediting the Client's Account ledger.
  • Writing Off / Non-Performing Loans: When changing the status to Written Off or Non-Performing, a new option appears:
    • Notify Client of Adverse Status: Tick this box to automatically send an email notification to the client about the status change. Note: This requires a valid email address on the client's profile. The user making the change will receive a copy of this email.

• Loan Product: The loan product associated with this contract.

• Payback Type: The method the client uses for repayments.

• Salesperson: The salesperson assigned to the loan.

• Province: The province where the loan was issued.

• Compuscan Reference Number / Enquiry ID: Displays the reference details if a Compuscan credit check was linked to the loan.

• Charge Fees and Interest when "in Default": Tick this box to apply default charges. This can be enabled even after a loan is active. To apply the charges, you must first Save the change, then navigate to the Record Fees and Interest function.

• Late Payment Grace Period: The number of days after a due date before default charges are applied, as configured on the loan product.

• Do Not Charge Fees and Interest: Tick this box to stop all future fee and interest calculations on the loan.

TRANSACTION

• Payment to Client: The method used to pay out the loan funds to the client.
• Application Date: The date the client applied for the loan.
• Agreement Date: The date the loan agreement was signed.

COST OF CREDIT (Summary)

• Total Cost of Credit Charged: A summary of the total loan amount plus all fee amounts.
• Annual Rate of Total Credit: The automatically calculated annual interest rate.
• Credit Cost Multiple: An automatically calculated value representing the total cost of credit as a multiple of the principal loan amount.

LOAN TOTALS (Summary)

• Loan Amount: The original principal amount borrowed.
• Credit Control Amount: The client's available credit limit for this specific loan product.
• Number of Interest Periods / Instalments: The number of repayment periods/instalments for the loan.
• Loan Total: The total current amount repayable.
• Payout to 3rd Party / Payout to Client: A summary of how the loan funds were disbursed.

Available Actions (Buttons)

The buttons at the bottom of the screen allow you to save changes or navigate away.

• Print documentation: Generates the original loan documents as they were when the loan was first created.
• Save: Stores any changes made on the screen.
• Save & Close: Stores any changes and returns you to the previous screen (the loan list).
• Close: Returns to the previous screen without saving any changes.
• Cancel: A general term for exiting the screen without saving.

Activating a Loan Application

• Important: When you change a loan's status from Application to Active and click Save, the button options will change. The Save button will be replaced by a Next button, which will guide you through the final steps of loan finalization (e.g., document printing).