Loans can have one of the following statuses:


  • Processing
    - When you add a new loan, you can select the loan status as Processing. This means that the loan is under processing and has not been released to the borrower.  This can be done by clicking Loans >> View All Loans - Branch >> View/Modify >> Loan Terms >> Edit Loan.

  • Open
    - When you add a new loan, the default loan status is the Open status. This means that the funds have been released to the borrower. 
    • Due Today
      - If the collection date for the loan is today, it will be marked as Due Today. If the loan is not due today, and there is no overdue amount until the last collection date, it will convert back to Open status. However, if the loan is overdue, the loan will have one of the following 3 statuses:

    • Missed Repayment
      - Loans that are overdue and have not received any payment for the last collection date. If you enter a part-payment for the last collection date for a loan, it will be marked as Arrears status instead.

    • Arrears

      - Loans that are overdue but have not missed a repayment. Once a loan becomes overdue, it will be marked as Missed Repayment status. If a part-payment has been received for last collection date and loan is overdue and not expired, it will be converted into Arrears status.

    • Past Maturity

      - Loans that are overdue and past maturity. Another words, loans that are expired and still have overdue amount.

  • Fully Paid
    - When the loan has been fully paid by the borrower, the system will update the loan to Fully Paid.

  • Defaulted
    - You can set loans as Defaulted if you don't expect any further payments from the borrower. This can be done by clicking Loans >> View All Loans - Branch >> View/Modify >> Loan Terms >> Edit Loan.

  • Restructured
    - If the borrower is having trouble paying off the loan or wants different terms (such as interest rate, maturity, repayment cycle..), you can restructure the loan. This will change status of the loan to Restructured and you will have to create a new loan with the new terms. So every restructured loan must have a corresponding new (Open) loan.  The new loan will have the released amount that is equal to the total due amount of the restructured loan. So every time you add


Suppose you have added a new loan and selected the Processing status. This means that the loan hasn't been released to the borrower. You then have 3 options:                   

  • Open
    You can edit the loan and select the Open status which means that the loan has been released to borrower.

  • Denied
    You have decided not to give the loan to borrower.                
        
  • Not Taken Up
    The borrower has decided not to take the loan from you.