In a Loan Type, you can describe different kinds of loans and their details like interest rates, account information, and more.

To access the Loan Type list, go to: > Home > Loan Management > Loan > Loan Type

1. How to Create a Loan Type

1. Enter Loan Name.
2. Enter Company.
3. Enter yearly rate of interest to be charged on the principal amount.
4. Enter Mode Of Payment and account details.
5. Click “Save” to save the draft of the loan type.
6. Click “Submit” to submit the loan type

2. Feature

2.1 Creating Term Loans and Demand Loans

Is Term Loan indicates whether a loan is categorized as either a Term Loan or a Demand Loan. If unchecked, any loan of this type will be treated as a demand loan, meaning it won’t generate an automatic repayment schedule.

Demand Loans are flexible loans without a fixed repayment schedule or amount.