Overview

This screen allows you to define the fundamental terms of the loan. Here you will capture the loan amount, the number of repayments (term), key dates, and configure options for default charges and credit protection insurance.

Navigation

This screen is typically the second step in the New Loan wizard, following the "Loan Product and Status" page.

1. Navigate to Client Administration > Search for Existing Client.
2. Select the desired client and click New Loan.
3. Complete the first screen and click Next.

Field Descriptions

The fields on this screen are grouped into logical sections.

Loan and Date Information

• Customer Reference: An optional field for your own internal reference number, such as a recorded call ID. This reference can be included in the final loan agreement.
• Application Date: The date the client applied for the loan.
• Agreement Date: The date the client signed the loan agreement.
• First Instalment Date: The due date for the first repayment. Use the calendar icon to select a date. Note: You cannot select a date in the past.

Affordability and Loan Term

• Available for Instalment: Displays the client's affordable instalment amount based on system calculations.
• Number of Instalments: Enter the total number of repayments for the loan (e.g., for a 6-month loan, enter 6). This value must be 1 or greater.
• Loan Amount: Enter the principal capital amount the client is borrowing.

Credit Control

This section displays credit limits based on client-specific setups.

• Credit Control Amount: Displays the maximum loan amount allowed for the selected loan product for this specific client.
  • Setup: This limit must be configured for each client and for each loan product you wish to control.
  • Error Message: If the Loan Amount entered exceeds this limit, the system will display an error: "Loan Final Instalment Agreed Amount exceeds Credit Control Amount".
• Credit Control Overall Cap Amount Available: Displays the client's total remaining credit capacity across all loan products, minus their existing active loan balances.

Default Charges

• Charge Fees and Interest when "in Default": Tick this box if additional charges should apply after the loan enters a default state.
• Late Payment Grace Period: Specify the number of days after the final due date that the client has to settle the loan before default interest is applied.

Insurance

• Global Loan Protection Product: This section may display information related to a specific insurance product (e.g., GRU Credit insurance) based on your system's setup.
• Self Insurance: Select if your company is paying the credit protection insurance premium on behalf of the client, with the cost being charged to the loan. (Requires the Credit Protection Insurance Self Insurance user permission).
• External Policy: Select this option if the client has chosen to use their own external insurance policy, in line with the National Credit Act. (Requires the Credit Protection Insurance External Policy user permission).
• External Policy Number: If "External Policy" is selected, enter the policy number of the client's substitute insurance policy here.

Available Actions

• Loan Calculation: Click this button to proceed to a detailed calculation screen based on the values entered here.
• Next: Continues to the next step in the New Loan wizard.
• Back: Returns to the previous page ("Loan Product and Status").
• Cancel: Exits the New Loan wizard without creating a loan and returns to the client search page.