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Table of Contents (Online Help)

Loan Entry Part 3 Groups

This window allows the Loan Performer user to apportion the group loan amount applied for amongst the members. The group and its members should have already been registered Clients/Group Clients.

Note that processing a group loan goes through four stages (The Loan application window presents four tabs) whereas processing an individual loan goes through three stages (The Loan application window presents three tabs).

How do you apportion the group loan amount applied for amongst the members?

Go to Loans/Loan Application. To get to the third tab (See the image below), you must have entered all the relevant information at Loan Entry Part 1 and Loan Entry Part 2.

• Member Name: Select the group member from the drop down menu whom you want to give a loan e.g. Harriet Kallen.
• Principle: Type the loan amount for the group member you selected then click Add. That amount will also be reflected in the grid against that group member. Do this for all the group members who have applied at loan entry part 1. Cumulatively these amounts should equal the total amount applied for by the group.

• Note: In case of an error and you wish to correct a particular amount given to a member of the group, click on the entry in the grid. It will be highlighted in red and the amount will appear in the corresponding field "Principal". Make the necessary change and click on the button "Update". You can as well get rid of that entry by clicking on the button "Delete". The entry will be deleted but the member will stay.

• Sector: Indicate the business sector for which the loan is used. Business sectors are defined at the menu Support Files/Business Sector.
• Loan categories 1 and 2: Select the category of the loan from the corresponding drop-down menu. The loan categories should have been defined under Support files/Loan Categories.
• Loan cycle: The loan cycle number is updated automatically in accordance with client's loan history e.g 1 represents first loan, 2 represents second loan etc. It can be made modifiable at the menu System/Configuration/Loans. To know more about Loan cycles, go to System/Configuration/Loan product settings/Loan Cycles .
• Interest: The interest rate that was set at loan application will automatically appear in this field e.g "20%".

• Note: If at System/Configuration/Loans, you have activated the option "Group members have different interest rates", then the interest here can be modified in order to give group members different interest rates. However if the option is deactivated to reject any change of the interest rate set on the previous tab on loan application, then the field "Interest" will disappear. In this case group members will have the same interest rate.

• Savings amount with installments: Enter here the savings amount that is required alongside the loan installments at the time of repayment. This can be a percentage of the principal amount of the installment or a flat amount. Only one option can be selected at a time.
• Savings product: Select the savings product from the drop down menu linked to the savings amount required with each repayment installment of the loan e.g "Free savings".
• Totals: The total of the amounts apportioned to the group members will automatically appear here e.g "1,800,000". This amount should be equal to the group loan applied for.
• Expected disbursement date: Enter here the expected disbursement date, e.g., "01/01/2015". Loan Performer will update the previously created Loan Contract template with the expected disbursement date.
• Check Savings? : Click this button to view the current balances on the client's savings accounts (if any) depending on the savings tracking method chosen under System/Configuration/Savings/Savings Accounts Settings. This is a good validation for loans linked to savings under System/Configuration/ Loan Product settings Loan Product General Settings and System/Configuration/ Loan Product settings Guarantee Settings..
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• Members Repayment Schedule: This button enables you to see and modify the repayment schedule of the loan in order to get rid of decimal values and amounts difficult to pay in cash. When you click on this button the following screen appears:
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• Click Yes to continue, the following screen appears:
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• Membership No: This number appears here automatically depending on the member installment selected in the grid above "e.g. 0001"
• Principal: The principal to repay with the selected installment appears here e.g. "83,333,33". You can modify it if you wish and click on the Update button to effect the changes.
• Interest: The interest to repay with the selected installment appears here e.g. "6,164". You can modify it if you wish and click on the Update button to effect the changes.
• Commission: Enter in this field the commission amount to add to the repayment installments e.g. "100" and then click on the Update button to effect the changes.

• Note:
  
  1. You have to specify if the changes you want to make to the repayment amounts of the group members should affect a "Single installment" or "All installments" or "All members" by selecting the corresponding radio button.
  
  2. For modification of repayment installments, the targeted member number appears so that the change affects only the selected installment or all installments of the member.
  
  3. On the hand, for a modification concerning all members of the group, it is the transaction date that appears instead of the group member number. The modification done affects only the last installment of each member of the group.
  

• R<<: Click this button to round down the interest and principal amounts if they contain decimals values. The small amounts removed are added to the corresponding amounts of the last installment.
• R>>: Click this button to round up the interest and principal amounts if they contain decimals values. The small amounts added will be deducted from the corresponding amounts of the last installment.
• Reset: Click on this button to cancel the modification and revert to the original values.

• Note that you wouldn't be able to modify the repayment schedule if the option "Credit officer may change repayment schedule" is not activated under System/Configuration/Loans.

• View: Click on this button to see the loan repayment schedule of the group members.

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• Print: Click on the print button to print the group members repayment schedule.
• Return: Click on the return button to return to the main tab (Loan Entry part 3). If print Contract is activated, the system prompts the user to print the contract of either the entire group or for each member upon clicking the save button as seen in the image below
• Notes: Click on the Notes button and enter specific information about the client e.g "The client deals in foreign product import" .

The notes will be displayed on the clients loan ledger card.

• Click on return and the next button to go to the next tab.

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