Creating a New Loan
  • Updated on 04 Jan 2019
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Creating a New Loan

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Create a new loan account

There are two ways of creating a new loan account in Mambu. You can either:

  1. From the Create button on the top menu bar

Loan Account creation from Create button top bar.

OR

  1. From the recipient's profile start creating a new loan account for that specific client

Loan Account creation from Clients' Profile

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 conditions.

This allows you to keep all your accounts organised by products they belong to. This will then allow you to compare the performance of your organisation's products in the reports section in Mambu.


Offset for First Instalment Due Date

When you create a new loan, Mambu automatically sets the first repayment date after one repayment interval - after 1 month, 2 weeks, etc. - from the disbursement date. In addition to this interval you can also have a default offset to the first instalment due date.

The offset limits are set at the product level and the validation will be done when you set the first repayment date either when creating the account or when disbursing it.

Disbursement Details section from Loan Account creation with Channel drop-down, Anticipated Disbursement and First Repayment Date

Example
A loan with monthly repayments has an anticipated disbursement date on December 1, 2015.

  • Regular First Repayment date, without a default offset: January 1, 2016.
  • With a 10 days default offset, Mambu will add 10 days to the regular first repayment date: January 11, 2016.
  • If the product has a minimum offset of 2 days, the first repayment date will have to be on or after January 3, 2016 (Image above).
  • If the product has a maximum offset of 20 days, the first repayment date can't be after January 21, 2016.

Based on the account terms and anticipated dates, you can finally preview the schedule with the detailed repayments divided in principal and interest, total amounts due and how the balance evolves over the loan duration.


Solidarity group loans

If 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.


Loans with tranched disbursements

When a new loan account is created for a product that accepts disbursement in multiple tranches (see Setting Up New Loan Products > Loan Amount, the amounts that are expected to be disbursed in each tranche have to be specified here, under the “Tranches” section, with an expected disbursement date for each tranche as shown below:

Tranches section at Loan Account creation with three tranches defined each with amount and anticipated disbursement

The repayment schedule calculated for a loan account with multiple disbursements will include the additional tranches as defined above, assuming that they will be released on the anticipated disbursement date:

Schedule Preview section at Loan Account creation for the specified number of tranches and anticipated disbursement dates.

The resulting loan account will have the information about pending tranches displayed in the “Overview” section and will be activated when the first tranche is disbursed (via the regular “Disbursement” button).

In the “Schedule” tab at loan account level, the principal and interest that are due will be displayed based on the tranches that were already disbursed, but you can always toggle the schedule view options under “Preview Schedule With”, to check how the schedule looks after a future tranche will be disbursed.


Association

In order to allow changing the branch of a loan account a new Association section was added in Create Loan Account form and Edit Loan Account form.

Association section with Maputo Downtown branch.

The branch on which the loan account is assigned (was assigned after the branch changed) can be viewed in Loan Account Overview under General section as seen in the below image.

General details from Loan Account dashboard

A new “Manage Loan Association” permission was added, which will be by default disabled.
Without this permission the Association box will be in read-only format and the branch change will not be allowed.

Please Note
The branch change can be done also via API 2.0
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