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Network Gate SaaS Loans
Loans module helps you to add loans to your account. Using this module you can manage your bank loan calculations and keep track of the loan payments. After adding a loan the loan amount will be added to the selected account. Network Gate SaaS will allow you to create 2 types of loans and these are CC loans and Term loans. For a CC loan, you will pay the interest manually while paying the loan payment. For the term loan, the monthly payment rate and interest will be calculated automatically. You must create at least loan authority first in order to create any loan.
|Required fields to create a loan|
|Loan Authority => Authority who is providing the loan.. Select a authority from the list.|
|Account => The receiving account. The loan amount will be added to the selected account. Select an account from the list.|
|Loan Reason => Reason for your loan. You can add any reason as plain text.|
|Reference => Reference for the loan. Please use a meaningful reference because you will need to use this reference later in the loan payments module to select the loan.|
|Amount => Loan amount. The amount will be added to the selected account.|
|Loan Type => Type of the loan. There are 2 types of loans available in the sytem. If you are willing to add a term loan then select term loan otherwise select CC loan.|
|Payment Type(If term loan is selected.) => Loan payment type. You can select daily, monthly or yearly payment type trom the select box.|
|Duration(If term loan is selected.) => Duration of the loan. Enter the duration based on payment type. For example, if your loan duration is 2 years and you are selecting payment type monthly then you need to enter 24 in the duration input field.|
Note: In order to delete any loan, you need to delete the loan payments first. Deleting any loan will delete the loan payments and the balance from the account. So we recommend you to use the delete option very carefully.