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BusinessLoan

LC loan is an important issue for maximum companies and it is one of the highest requirements from any companies for managing the Loans under LC. From the import invoice as explained before, LC loan can be created. There are various types of loans such as LTR, Time Loan, LIM, etc. which PrismERP can handle easily. For every loan, a new credit account will be created in the system. All the loan transactions will happen with this account. Loan module can also operate interest as well as bank charges.

Business Loan

The above screenshots give the appearing window of adding an LC Loan (Add Loan)

Loan Details:​

  • Loan Number: Assigning a number for a particular loan so that you can track.
  • Name: Name of the Loan.
  • Amount: Amount of Loan.
  • Bank: Name of the Bank from where Loan is taken.
  • Interest Type: Interest type defines how the money will be deducted, whether from balance or by some other ways.
  • Interest: Percentage amount of interest from the Loan.
  • Processing Fee: Amount of money or fee taken for processing the Loan (It can be from a company generating the loan from the system).
  • Issue Date: Date of Loan Issued.
  • Repayment Start Date: Date of Loan Payment Starting.
  • Terms: Term explains whether loan is long term or short term.
  • Type: Explains the type of loan as above explained in the beginning (all the types of Loans that PrismERP can handle from the system).
  • Frequency: Explains the type of installment, whether yearly, quarterly, monthly, etc.
  • Tenure: Within the number of installments you will be paying the loan amount.

Finally, the Account information where the debit and credit account need to be fulfilled, name of the account, account code, etc. all the other details.