BusinessLoan
Business Loan
Business Loan in PrismERP makes it easy to manage loans from start to finish. Users can create loans, set interest types and terms, and record when the money is disbursed. Repayment schedules with EMIs are tracked automatically, so it’s simple to see what’s due and when.All receipts, payments, and processing fees can be recorded with vouchers, which automatically update loan balances and accounts. Overdue interest and penalties are calculated for late payments, keeping records accurate and up to date. Everything is organized in one place, making it easy to monitor loans, payments, and balances at a glance.
Add Business Loan
| Field | Action |
|---|---|
| Loan Number | Enter a unique loan reference number for identification and tracking. |
| Name | Enter the loan name or purpose (e.g., Working Capital Loan, Machinery Loan). |
| Amount | Enter the total sanctioned loan amount. |
| Bank | Select the bank or financial institution providing the loan. |
| Interest Type | Select the interest calculation method.. |
| Interest Rate | Enter the annual interest rate percentage applicable to the loan. |
| Processing Fee | Enter the loan processing fee charged by the bank, if any. |
| Issue Date | Select the date the loan amount is issued or disbursed. |
| Repayment Start Date | Select the date from which EMI or installment repayment begins. |
| Term | Select the loan term type (e.g., Short Term, Long Term). |
| Type | Select the loan category (as defined in system configuration). |
| Frequency | Select repayment frequency (e.g., Monthly, Quarterly). |
| Tenure | Enter the total number of installments or duration of the loan. |
| Debit | Select the account to be debited (usually Bank or Cash account where loan amount is received). |
| Debit Account | Select the specific ledger account under Debit. |
| Credit | Select the liability account to be credited. |
| Account Type | Select the account classification. |
| Account Code | Enter the unique code assigned to the loan account. |
| Sub Account of | Select the parent account under which this loan account will be grouped. |
| Opening Date | Select the date from which the account becomes active in the ledger. |
| Note | Enter any additional remarks or loan-related details for internal reference. |
Add Business Loan Type
| Field | Action |
|---|---|
| Name | Enter the loan type name (e.g., Home equity loans, student loan ). |
| Category | Select the loan category for the loan type. |
