Loan groups

About

A loan group code defines the main loan product characteristics, such as the types of changes allowed for the product, loan behavioral types, and links to the finance entry dimensions.

The loan group parameter is used when setting up a loan product. In the loan product set up page the parameter is called Product group. Find more information here.

Below, you will find information on how to create and manage loan groups in the BackOffice.

Create loan group

To add a new loan group, navigate to:

  1. Loans > Settings > Loan groups.

  2. On the Loan groups page, click Add.

  3. Fill in loan group details:

    • Loan group code - The name of the loan group. Note that the value should be unique.

    • Description - A textual description for the loan group.

    • Change type codes - Select the loan contract change types that are applicable:

      • CHANGE_FEE_CONDITIONS,

      • CHANGE_INTEREST_RATE,

      • CHANGE_LIMIT,

      • CHANGE_LOAN_PERIOD,

      • CHANGE_MONTLY_REPAYMENT_AMOUNT,

      • CHANGE_PAYMENT_DAY,

      • CHANGE_REPAYMENT_CONDITIONS,

      • CUSTOMISE_SCHEDULE,

      • PAYMENT_FREE_MONTHS.

    • Reporting product code - Enter the reporting product code. Reporting product code is a general attribute that can be assigned to a business entity and will be transferred into a financial entry dimension.

    • Behaviour code - Choose the behavioural code that applies:

      • Credit Line,

      • Instalment Loan,

      • Umbrella.

    • Collateral required - Toggle on if the collateral is required for this loan type.

    • Revolving - Toggle on if this loan type is revolving.

  1. Click Add to create a new loan group.

Find loan groups

To view a list of existing loan groups, go to:

  • Loans > Settings > Loan groups.

To improve your search results and visibility, you can use the BackOffice content feature.

Manage loan groups

You can update and delete loan groups.

Update loan group

  1. Find the loan group that you want to modify.

  2. Click the change icon.

  1. Modify parameters. Note that you can only change:

  • Description,

  • Change type codes,

  • Reporting product code.

  1. Click Save.

Delete loan group

  1. Find the loan group that you want to delete.

  2. Click the delete icon.

  1. Click Confirm to proceed with the loan group deletion.

A loan group code can be deleted, if it is not assigned to any loan product.

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