Loan Types
Loan Type
Introduced in Version 13
You can establish different loan kinds and their characteristics, such as interest rates and loan account information, in a loan type.
Go to: to see the Loan Type list.
Home > Loan Management > Loan > Loan Type
1. How to Create a Loan Type
Type in Loan Name.
Come on, Company.
Enter the annual interest rate that will be applied to the principal sum.
Type in your payment method and account information.
To save the loan type's draft, click "Save."
In order to send the loan type, click "Submit."
2. Feature
2.1 Creating Term Loans and Demand Loans
Is Term Loan: This function identifies a loan as either a Term Loan or a Demand Loan. Any loan of this sort will be treated as a demand loan if this is left unchecked, and an automatic payback plan won't be created for that loan.
Demand Loans are unsecured, open-ended loans without set monthly payments or interest rates.