Closing a Loan With All Obligations Met
- 27 Oct 2021
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Closing a Loan With All Obligations Met
- Updated On 27 Oct 2021
- 1 Minute To Read
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Article summary
To close a loan account in the system, open the account and select "Close" on the right-hand side of the screen. You can add a comment if needed before finalizing the closure. Once closed, the account status changes to "Closed" and is stored under the client's profile. Automatic closure of fully paid loan accounts can be set up in the loan product settings. To undo a closure, go to the account overview page and select "Undo Closure." The maximum days for undoing a closure can be configured in the system settings. For more details, refer to the provided information.
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When a client finishes repaying a loan, the account balance goes to zero due and you can close that loan account.
To close a loan account:
- Open the account.
- On the right-hand side of the screen, select Close.
- Optional: Add a comment.
- Select Close.
After closing the account, its state will change to Closed and it will be stored in the client's profile under the Closed Accounts tab.
If you would like Mambu to automatically close loan accounts that have been fully paid, you can set up a Dormancy period when setting up the loan product.
Undo a loan closure
To undo a loan closure, in the account overview page, on the right-hand side of the screen, select More > Undo Closure.
The maximum number of days during which a loan closure can be undone can be set under Administration > General Setup > Internal Controls. For more information, go to Internal Controls.
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