The loan application process and the loan contract/monitoring process.
Capabilities include loan repayment's, interest waivers and the ability to 'adjust' an existing transaction. An 'adjustment' of a transaction is really a 'reversal' of existing transaction followed by creation of a new transaction with the provided details.
Its typical for MFIs to add extra costs for their loan products. They can be either Fees or Penalties.
Loan Charges are instances of Charges and represent either fees and penalties for loan products.
A person who guarantees to pay for someone else's debt if he or she should default on a loan obligation. A guarantor acts as a co-signor of sorts.
In lending agreements, collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan. The collateral serves as protection for a lender against a borrower's default - that is, any borrower failing to pay the principal and interest under the terms of a loan obligation. If a borrower does default on a loan (due to insolvency or other event), that borrower forfeits (gives up) the property pledged as collateral - and the lender then becomes the owner of the collateral
Loan rescheduling provides the ability to give clients extra grace periods, extend loan term by adding extra installments and adjust the interest rate of a loan.
Loan Term Variations provides the ability to change due dates, amounts and number of instalments before loan approval.