Loan Products

Loan products are the different types of loans you offer to borrowers. Each product has its own terms, like interest rates, loan amounts, and repayment periods. Setting up loan products helps you define the options available to borrowers, so they can choose the one that best fits their needs. Loan products also helps you create loans faster as it offers a set of preset properties for a loan such as a preset interest rate, repayment cycle,etc.

In this section, you’ll learn how to create, customize, and manage your loan products to match your lending criteria.

To set up a new loan product, follow these steps:

• Go to the Loan Products Page:

  Click on the Loan Products button in the sidebar to open the Loan Products page.

• Add a New Loan Product:

  • Click the Add Loan Product button to start creating a new loan product.

• Enter Loan Product Details:

  • Title: Choose a name for the loan product.

  • Description: Provide a brief description of the loan product.

  • Principal Amount Range: Set the minimum and maximum loan amounts borrowers can apply for.

  • Duration Range: Specify the minimum and maximum loan terms.

  • Repayment Cycle: Choose the repayment schedule (e.g., monthly, quarterly).

  • Interest Rate: Enter the interest rate for this loan product.

• Save Your Loan Product:

  • Once all details are filled in, click Save to add the loan product to your offerings.

By following these steps, you can easily create and customize loan products to meet your business needs.