A loan schedule is a vital tool for both lenders and borrowers, offering a clear outline of repayment terms, including payment dates, amounts, and applicable interest. It helps borrowers plan finances effectively and ensures lenders can track repayments accurately. This promotes transparency, simplifies communication, and reduces misunderstandings. How to Download a Loan ScheduleWakandi makes it…
During loan application: Credit officers and loan approvers now have the ability to modify the loan product during the approval stage without needing to delete the application. This enhancement improves flexibility and efficiency when handling pending loans. In addition, we can also override the Credit Product Policy set to configure the grace period. This can…
Wakandi has introduced its Loan Details and Reporting features to provide a deeper understanding of loan information. The updated Loan Details section, visible on the member’s loan dashboard, now includes a detailed Arrears Breakdown, featuring: Loan Status Tracking In addition to the enhanced loan details, Wakandi now offers improved loan status tracking with a clear,…
The “Unclose Loan” feature in Wakandi provides valuable advantages for SACCOs and MFIs by allowing admins to make necessary loan adjustments after a loan has been closed, without disrupting financial records. Benefits 1. Flexible Loan Adjustments 2. No Impact on Ledgers 3. Easy Re-closure After Adjustments 4. Improved Accuracy 5. Enhanced Workflow Efficiency The Unclose…
To streamline navigation and improve usability, the Loan Application List Page and Loan Page View have been revamped with new features and better organization. Updates to the Loan Application List Page The Loan Application List Page now features four tabs for improved categorization and quick access: These tabs make it easier for users to locate…
The Loan Application Charges Payment – Auto Debit from Savings Account feature allows members to conveniently pay their loan charges before the loan is disbursed. This automatic payment method ensures that loan charges, specifically for the Credit Product Policy (CPP) that necessitates payment at the time of loan application, are seamlessly managed. How It Works…