This sub module is used to verify Loans. The task should be completed by authorized loan officers.
This is the immediate stage of loan processing after approval. Loan cases are verified here. The loan cases can either pass as verified, can be Rejected or Differed.
To access this module: Credit management-> Navigate -> Operations ->Loan origination -> Verification
On the above window:
Loan Number - Click on the lookup icon to open the Loan Number Lookup dialog box:
Select the loan to be verified from the list.
NOTE : The loan status must be approved since the system's operations are sequential. Select the correct loan section, date ranges then refresh.
The selected customer details will be displayed in the relevant fields.
The verifying officer will make an assessment of the Loan case and based on that he/she will enter a reference for the verification and some remarks.
Tick the flag to consider check-off deductions on loan verification
The highlighted figure below shows the areas that will be updated.
Loan Verification Fig 2
A prompt for proceeding with the action will pop up:
Acknowledge the prompt to proceed or reject to exit the process.
Once accepted, a system acknowledgment will pop up.
On successful completion you will get a pop up message confirming that the operation was successful.
A printing prompt will also pop up, requiring the consent to print the verification:
Accept or reject accordingly.
Once verified, the loan can be disbursed from the Accounts module, Batch procedures, Disbursement.
NOTE : The batching process is also sequential. Therefore due steps have to be followed.
The authorized officer will batch then disburse the loan in the accounts department