How can I add a loan product?

2. Go to Settings.
3. Select Policies from the dropdown list..
4. ..from the menu bar click on Credit product policy.

5. Click on Add New button on the top right side of the page to create a loan product.

If the New button is not there, you have to approve or reject existing policies before you can add a new one.

6. From here you will be able to view the fields for creating a new loan policy, Fill in the details of the loan this will be the name, description and loan type.

7. Next on the details we have to fill in the Terms of the loan.
In this case, the loan terms will be the minimum and maximum amount that member can loan, the tenure period which is the amount of time the a member can take a loan, and you can also add grace period and the savings and share multiplier.

8. Add the loan interest details. You can define the interest rate in percentages; you can also set the interest rate period and the calculation method of the interest rate.

9. Next, you can set the loan charges, From here you can select the payment type, enter the name of the charge and select the type of the charge and finally the value of the charge, after filling in all the fields an Add button will appear which allows you to add more charges.

10. Add the approval stages that the loan will go through and you can even select the default approver of the specific stage, you can more stages by clicking the Add stages button.

11. Wakandi offers an insurance service that is fully automated with loan disbursement, you can enable the Insurance by checking the box.