Loan Repayment entry is used to track repayments against loans.
To access the Loan Disbursement list, go to:
Home > Loan Management > Disbursement and Repayment > Loan Repayment
Before creating a Loan Disbursement, you must create the following first:
2. How to Create a Loan Repayment
- Go to Loan Repayment List, click on New.
- Select Loan against which repayment is being made. The Applicant Type and Applicant will be fetched from the Loan.
- Select Payment Type. The default option is 'Regular Repayment' which is selected in case of normal monthly payment and 'Loan Closure' in case of final repayment or the Loan needs to be closed.
- Enter Posting Date. On entering the Posting Date, all the payable amounts like pending principal amount, interest payable, penalty amount, and payable amount will be automatically fetched.
- Click "Save" to save the draft of the Loan Repayment Entry
- Click "Submit" to submit the Loan Repayment Entry.
2.1. Other ways to create a Loan Repayment
You can also create a Loan Repayment from a disbursed Loan via the Create button on the top right of a Loan.