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Update Loan Categories, Products, Funds or Cycles

This module allows a user be to make changes to certain particulars of a loan that had been disbursed like changes to the Loan Categories, products, funds and Cycles.

Note This scenario arises as a result of the need to edit the particulars of a loan.

1. Also possible a certain category of loans were taken over by another funding agency therefore the loans will be transferred to the new Fund.

2. Collaterals items and may be their values were not captured during the loan process ad need to be added

3. The sector the loan belonged to was wrong or missing

4. Also note that this menu allows you to update these details for each loan at a time.

5. Also note that you can not update the original loan terms of interest loan amount or loan period from but you do that under Loans/Modify Loan Applications

To get here, go to Loans/Update Loan Categories, Products, Funds or Cycles.

A screen that looks like one below appears:

• Loan Number:  Click on the Choose button to select the loan that you intend to updated. Once a loan number is selected, the various details filled in at loan application will be displayed.
• Loan Product: From the drop down, select the loan product that you want to change to if it is not the one that was displayed.
• Loan category 1: From the drop downs, select the appropriate loan categories of 1, 2, and 3, that you want to update.
• Loan Fund: From the drop down select the Loan fund that you may have to change to e.g. from "World Bank Grant to ARC"
• Sector: From the drop down select the Sector that you may have to change to e.g. from "Agriculture to Industry"
• Loan Cycle: Enter the appropriate number for Loan Cycle if the displayed one is not correct.
• Number of jobs created: In this field, enter the appropriate number of jobs created.
• Collateral 1: For collateral 1, 2, 3 and 4, Enter the type of collateral presented, its Value and Type in their respective fields.
• VAT %: Enter the Percentage of the VAT levied on the loan if it were not captured at loan application or wrongly entered.

• Collateral 1:  Enter the type of collateral presented, its Value and Type in their respective fields. In the screen above. Its is a Land Title for Plot 14 Burma valued at 2,500,000/= and the type is unknown.

• Loan Product has remains general but category 1 has been changed from medium term to long term, category 2 has been changed from consumer to Housing
• Loan Fund has been changed from World Bank Grant to ARC
• Sector has been changed from Agriculture to Industry
• Loan cycle has been changed from 1 to 2
• Collateral 1 The description and Value of this collateral has been added. Collateral and Type of Collateral can be set at Support Files

• One can check the loan ledger card and other reports to see the changes that have been made. Update Loan Categories, Products, Funds or Cycles

Click on the Save button to have the details saved or Close button to exit.

Related Topics

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This service requires an Internet connection.