Repayments

Repayments are crucial for keeping loan accounts updated and ensuring borrowers' financial records remain accurate. Lendbox provides a simple process to record repayments against a loan. Follow the steps below to add a repayment:

• Navigate to the Loans Page

  • Click on the Loans tab in the left navigation panel to access the list of loans.

• Select the Loan

  • From the list, click on the loan for which you want to add a repayment.

• On the loan details page, scroll down to the buttons section.

• Click on the Add Repayment button. A form will appear prompting you to enter repayment details.

• Enter Repayment Details

  • Fill in the following fields:

    • Collection Date: Select the repayment date from the calendar picker.

    • Repayment Amount: Enter the amount being paid by the borrower.

    • Description (optional): Include any description of the repayment or reference

• Save the Repayment

  • After filling in the details, click the Save button to add the repayment to the loan.

Once saved, the loan balance will update automatically to reflect the new repayment.

Notes:

• Ensure the repayment details are accurate before saving, as incorrect entries may affect loan calculations.

• You can edit or delete repayments if necessary by navigating to the repayment history.

This feature helps you maintain accurate records and provides borrowers with up-to-date information about their loan balances.