Loan Accounts Creating a Loan Account
| Creating a Loan Account |
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| Last Updated on Monday, 25 July 2011 12:04 |
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● Preview the repayments schedule ● Distribute the loan amount by the members
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Create a new loan accountThere are two ways of creating a new loan account in Mambu. You can:
1) Start creating the loan account and enter the recipient in the form or 2) From the recipient's profile start creating a new loan account for that specific client.
To create a new loan account, click on Create Account > fill the form > click on Create Account (or on Create Account & Create Another if you want to save this one and create another account for this client).
Every loan account you create in Mambu is an instance of a loan product that has been created before. So, the terms that were set for the product, will determine the new loan accounts' terms and constraints. This allows you to keep all your accounts organized by products they belong to. This will then allow you to compare the performance of your organization's products in the reports section in Mambu.
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Preview the repayments scheduleBased on the information you entered before, you can preview how the repayments scchedule will be like with the detailed repayments divided in principal and interest, total amount due and how the balance evolves over the loan duration. To see the repayment schedule, click Calculate.
If you enter a date for the anticipated disbursement of this loan, you will still see the dates for each repayment. By default, this will be the current date, but in case you want to change it just click on the calendar > choose the appropriate date > click Calculate.
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Distribute the loan amount by the membersIf you're opening an account for a hybrid group, this means that its members may receive different amounts and that their accounts will be tracked individually. In this case, you need to specify the amount that each member will receive.To do this enter the amount for each member. As you do this you can see that the amount that is still unallocated is updated in the bottom.
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