MicroBanker SRTE: Loans

Functions and Features

• Fully integrated with Savings, Current Accounts, Share Accounts, Time Deposits, Customer and GL modules.
• Automatic generation of journals for monthly or quarterly interest transfer from Time Deposit and for transfers from a savings or current account for the purpose of loan repayment.
• System imposes no limit on the number of accounts per customer.
• No limit on the number of loan products per bank.
• Automatic update of General Ledger at end-of-day.
• Option for accounting of income on either accrual basis or cash basis for performing loans.
• Separate option for accounting on cash basis for non performing loans and for penal interest.
• If accrual basis is selected for performing loans, automatic generation of interest accruals and update of the General Ledger income account at the end-of-month.
• Control of (i) Product dependent loan limits (ii) Opening, approval and disbursement process with supervisor control over loan approval (iii) Disbursement schedule (date and amount) (iv) Product dependent maximum and minimum loan periods.
• Products definable as single repayment or choice of installment schemes with frequencies of daily, weekly, fortnightly, semimonthly, monthly, bi-monthly, quarterly, four-monthly, six-monthly, annually. In addition, a product may be defined to have an operator specified individual installment schedule which is flexible in terms of both installment dates and principal installment amounts.
• Repayment schedule with grace period, with or without interest during grace period.
• Repayment schedule with alternate installments with interest only and principal + interest.
• Rescheduling facility, with or without interest capitalization, with or without increase in loan amount, with or without change in installment schedule.
• Facility to debit miscellaneous charges as an accrual, separate from the principal balance.
• Option to deduct charges or fees from loan amount disbursed.
• Unlimited multiple disbursements from the same account.
• Disbursements may be made in cash, by cheque, or in kind. Repayments may be made in cash or by cheque or by voucher (neither cash or cheque).
• No periodic interest capitalization. Interest capitalization allowed only on an individual account basis for purpose of rescheduling.
• Repayments credited in the following order of priority: (i) Charges (ii) Penal interest (iii) Normal interest (iv) Principal. Optional "Specified Repayments" allow to override this order.
• Up to three user-defined loan classification codes. Each code may be three characters with a break after the first character for purpose of sub-classification and sub-totalling.
• Up to four user-defined disbursement allocation codes per account, reflecting the use of cash or in-kind disbursements.
• Up to five classifications for non-performing accounts, based on user defined age of the oldest overdue installment.
• Daily report, at beginning-of-day, on installments falling due that day and listing of all overdue loans.
• Facility to generate a mail-merge file with account and customer information for the purpose of sending billings or reminder letters to borrowers.
• Maintains historic information on closed loans and reports by client. Loan Interest and penal interest schemes.
• Interest and penal rate defined by product and specified at the time of account opening.
• Choice of 360 or 365 days per year as interest divisor.
• Per product, installments definable as (i) annuity installments whereby the sum of principal and interest is constant (ii) fixed principal installments with interest on declining daily balance (iii) fixed principal installments with flat interest on starting balance using either the daily interest or a periodic interest calculation.
• Option for deduction of interest in advance for loans with single repayment, with or without rebate in case of early repayment.