For a visual guide on creating new loans, watch this video tutorial: Watch the Video Link

New Loan Application

To create a new loan application, go to Client Administration > Search for a Client > New Loan.

• General Tab:

  • Loan Product: Select the applicable loan product.

  • Status: Select Application.

• Loan Amount & Instalments Tab:

  • First Instalment Date: Select the date the first payment is due. The system will check for other installments on this date.

  • Available for Instalment: This field displays the amount available based on the client's financial setup, minus any existing active installments.

  • Number of Instalments: Enter the total number of payments.

  • Loan Amount: Enter the principal amount.

  • Credit Control Amount: This displays the amount available for the specific product type, as per the client's credit control product setup, minus existing active installments for that product type.

  • Credit Control Overall Cap Amount Available: This displays the amount available based on the client's overall credit control cap setup, minus existing active installments.

• Summary Tab:

  • If a Red warning: "Loan Final Instalment Agreed Amount Exceeds Credit Control" appears, it indicates the requested loan amount exceeds the allowed limits. You'll need to either reduce the capital or increase the number of payments.

  • Requesting an Override: If an override is required:

    • Workflow Status: Select "Request Override".

    • Workflow Override Reason: Enter a reason for the override request.

    • Finish: Download and print the quotation if applicable.

Workflow

To manage override requests, go to Workflow > Workflow: Credit Control Requests. Here, you can approve or reject override requests.

• Editing the Loan:

  • Workflow Status: Select Reject or Approve the override request. If rejected, the loan status automatically changes to Not Approved.

  • Workflow Override Reason: Enter the reason for your decision.

Activate Approved Loan Application

Once a loan application is approved:

• Go to Client Administration > Search for a Client > Loans > Edit Loan.

• Change the Status of the Loan to Active and proceed to the final Summary screen.

• A red notification "An Override was applied to the Credit Control" will be displayed if an override was used.

• Click the Finish button to finalize the loan activation.