Disburse Loan

Once the Loan is Approved you can see the below menus,

Create Loan - Loan Approved
  • Change Loan Officer – If you want to change the Loan Office you can change it here as previously mentioned
  • Disburse – Here you can disburse the loan amount to your client. In this form select the  disbursement date, disbursement amount, and payment type, by default it is Money Transfer.
To update the further payment details click on the + beside Show Payment Details and complete the relevant fields
    • Account# – Specify the account number of the client
    • Cheque# – Specify the cheque number of the client
    • Routing Code – Specify the routing code for the particular branch (You can get this in the bottom left corner of your cheque)
    • Type Receipt – Specify the receipt type
    • Bank# – Specify the name of the bank
    • Payment Channel – By default it will be none
    • Disbursed to – By default it will be none
    • Note – Specify if any notes for future reference
Create Loan - Disburse Loan Account
  • Disburse to savings – You can disburse the amount to the client’s saving account. Refer information canceled,disbursement date and enter the amount you want to disburse, then click Submit
Create Loan - Disburse Loan Account1
  • Undo Approval – If you want to undo the loan approval you can do it here by clicking on Submit
Create Loan - Undo Approve Loan Account