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How to Prepay a Loan Account

This functionality makes it easy to prepay a loan account by paying off the entire amount and closing the loan account in one single step.

To prepay the loan for a client:

To prepay a loan for a client, select the client. Click the General tab.

  1. Click the loan account for which the client wants to prepay the balance.
  2. Click Prepay Loan from the Action Bar to see the following page with the payoff amount pre-populated summing up the total amount of principal and interest to pay of the loan as of that date.
  3. Enter the Transaction Date, Transaction Amount, Payment Type (mandatory fields) and Note (optional).
  4. Click Submit. This loan status will now be Closed paying off the amount due for principal and interest.