> Introduced in Version 13
A Loan Type is where you can define various loan types and their properties like rate of interest, loan account details, etc.
To access the Loan Type list, go to: > Home > Loan Management > Loan > Loan Type
1. How to Create a Loan Type
- Enter Loan Name.
- Enter Company.
- Enter yearly rate of interest to be charged on the principal amount.
- Enter Mode Of Payment and account details.
- Click "Save" to save the draft of the loan type.
- Click "Submit" to submit the loan type
2.1 Creating Term Loans and Demand Loans
Is Term Loan: Is Term Loan specifies whether a Loan is a Term Loan or a Demand Loan. If this is unchecked any loan of this type will be considered as a demand loan and an automatic repayment schedule won't be generated for that loan.
> Demand Loans are open ended loans which do no have a fixed repayment schedule or a fixed repayment amount.