Create loan contracts

Umbrella loans have a simplified lifecycle and do not require loan application or offer. Once an umbrella loan product is created, you can create an umbrella loan contract and and add sub-contracts under it.

Create umbrella loan contract

1. Find the person record of a borrower:

   • Persons > Search.

   • Click the Person name to access the person details.

2. Create umbrella contract:

   1. From the content menu choose Loans > Loan contracts.

   2. On the Loan contracts page click the Create button.

1. Fill in umbrella loan contract parameters:

   • Select the umbrella loan product as the Loan type.

   • Define the Contract amount that will be divided between the sub-contracts.

   • Define the Payment conditions.

   • Define any additional loan contract parameters.

1. Click Create to finalise the umbrella loan contract setup.

Activate umbrella contract

Once an umbrella contract is created, it is set to the DRAFT status and needs to be activated. To do that:

1. Find the umbrella contract:

   • Via Persons module,

   • Via Loans module.

1. Scroll to the Components block and click the Confirm button.

Create sub-contracts

You can proceed with the sub-contracts only after the umbrella contract is created. To create the sub-contract:

1. Find the umbrella contract:

   • Via Persons module,

   • Via Loans module.

1. Create sub-contract:

   1. From the content menu choose Sub-contracts.

   2. On the Sub-contracts page, click the Create sub-contract button.

1. Fill in the sub-contract loan details > Create.