Manage Loans with Odoo effectively

In a typical loan structure, there are two key parties involved – a lender (who provides the loan at a cost) and a borrower (who takes the loan). The two parts of a loan are the principal (actual amount borrowed) and interest on the debt (the cost to give the loan).

A legal loan agreement factors in a lot of obligations and restrictions. As the network of lenders and borrowers increase, the complexities associated with the paperwork and management of contract too increases substantially. This is precisely where a good loan management application comes to the fore to manage these contractual obligations in an efficient manner.

What features need to be present?

Based on our extensive experience servicing the finance domain, we feel the below features are essential for any good loan management app-

1) A robust accounting software

These include modules like accounts payable, accounts receivable, ledger

It also includes interactive reporting, dashboard, search, and filtering options

2) Loan-specific features

Loan creation, different types of loan, monthly installment calculations, and document management at all stages of the contractual period.

Pragmatic had designed, developed, and deployed an Odoo-based comprehensive loan management application. Our fully loaded loan management app includes features like managing different types of loan, different calculation mode, borrowed & issued loans, loans with installment repayments with accounting entries, annual repayment, possibilities for entering special repayments and many more features.

Features of the loan management app  

1. You can create customized loan periods
2. You can categorize a particular type of loan and manage it accordingly
3. Loan types can be managed appropriately based on its calculation method (Flat or Reducing)
4. The app provides facility to compute correct EMI installment with breakup of principal and interest
5. The app maintains all interest versions which company wants to define
6. It facilitates managing the type of proof that company accepts and keep track
7. You can keep track of all installment received from a customer with accounting entry