Monday, February 11, 2013

Loan account opening in Finacle through OAAC - in Detail


Dear Readers, We have already discussed the Shortcut way of Loan account opening in Finacle by following GIVSHE56 Rule, this time we will discuss the detailed procedure of account opening of Loan accounts in Finacle.

Menu option : OAAC

Go to Menu option and enter option OAAC. The following screen will appear:
















Enter Customer ID & Press F11 for validating Customer’s Name
Enter appropriate Scheme Code & GL Sub-head Code Press F4. in some Banks the GL subhead  Code will be automiatically selected when you select Scheme Code and Press F4, Then following screen will appear















For every account opening of Loans in finacle,  the General, SchemeLimit DetailsInterestMIS and Repayment Schedule Details are mandatory as discussed in our previous post i.e GIVSHE56 Rule.

The above 1st Screen of General Details will appear then enter the details like mode of operation, location code, Collect Charges(Y/N) etc. Then Press F6 for next screen



The above 2nd Screen of General Details  will appear then enter the details like Passbook/ Statement ( Enter S for Pass sheet) ,  statement frequencyinterest credit a/c flag etc. The most important field in this screen is Interest Rate Code. Please choose appropriate code( defined by your Bankfor the loan account and the scheme in which you want to open the loan account. 

Press F6 for next screen.


In the above 3rd screen important fields are as follows: -
Interest Calculation Freq Dr : Please select the appropriate value.
Next Int. Calc. Date Dr: Please select the appropriate value.
Then Press F6 and will come on 1st screen. Now Press F4 for accepting General Details.
In Option field enter ‘S’ for entering Scheme Details and Press F4. Then following screen
will appear:

In the above screen of Scheme Details fill the following fields as:
Enter Loan Amount: 
Sanctioned Amount
Loan Period: Enter total months in 1st Field
Enter Credit File No.
Holder In Operative A/C For Amount Due: ‘Y’ – Yes or ‘N’ – No
Repayment Method: If above field value is ‘Y’, so Put here ‘E’, else put ‘N
Operative A/c No. above value is ‘Y’, so put appropriate SB, CA Account No.
Debt Acknowledgement Date: Enter the date of loan documents / revival letter, whichever
is later.
All other mandatory fields needs to be filled. Then Press F6 for next screen Put appropriate information as per sanction letter and Press F4 for accepting Scheme
Details.


In  Option  field  enter  ‘H’ for  entering  Sanction  and DP  (Drawing  Power)  Details  and Press F4. Then following screen will appear:


In the above screen of Sanction Details , enter  the following fields as:
Sanction / Expiry / Document / Review Date Sanction  Level  /  Authority  /  Ref.  No.  and  Security  Description.  Then  Press  F4.  Following Drawing Power Details screen will appear:
In the above screen of Drawing Power Details enter the following fields as:
Drawing Power Indicator: Enter ‘D’ Derived from Security in Case of CC Account else E
(Equal to Sanction LImit) for other Term Loans 
A/C Recalled: ‘N’ and then Press F4 for accepting DP details.

In  Option  field  enter  ‘I’  for  entering  Interest  Details  and  Press  F4.  Then  following  screen will appear:
















In  Option  field  enter  ‘V’  for  entering  MIS  Details  and  Press  F4. Then following  screen will appear:
















In  above screen of  MIS  select appropriate codes as defined by your Bank. After completion of  the same Press F4 for accepting MIS Details.

In  Option field enter  ‘E’ for  entering Repayment Schedule Details  and Press  F4. Then

following screen will appear:















The user can set up a repayment schedule for the loan sanctioned using this sub option.

1.  Flow  ID  field  can  have  value  which  is  EIDEM for Equated  installment demand,  PRDEM  for   Principal  demand  or  INDEM  for  Interest  demand type. 



If the account is opened under equated installment scheme then the system default populates the flow id based on the set up done at scheme level. If it is equated instalment, system populates the EI amount based on the number of instalments indicated and the user can over ride it. An exception is also associated with this for doing necessary validations

2.  Start  date  of  the  installment  should  always  be  greater than the account

open date
3.  User has to enter the number of installments to arrive at the installment amount
4.  Depending upon the parameter set at product level, user can enter the values for the field  “number of installments”, and “amount”.
5.  Interest  demand  date  should  be  the  next  month  end  date  when  the  next
interest application will take place in the account.

If the user is coming in modify mode, then the original repayment schedule can
be modified. The system does a validations if the number of installments 

Press F4 for accepting Repayment Schedule Details.

Then lastly enter option to enter Loan document detail and Charges related to Processing of the Loan. Press F4  enter DSA / Loan Reference details as defined by your Bank and enter the Employee/ Loan Reference ID , Then Press F4



Now Press F10 for commit. 



Then Account No. will be generated by system.


Verification of Account Opening of Loan

Menu Option : OAACAU
  • Enter Generated A/c No. in Temporary A/c No. Field and Press F4 . 
    For visiting all screens of General Details Press F11 continuously.

  • After coming on 1st Screen Press F4 for accepting General Details Enter option ‘S’ for verifying Scheme Details and press F4 , Press F11 for visiting next screen of Scheme Details Verify details and Press F4.
  • Enter option ‘H’ and press F4 for verifying Sanction and DP Details First, Sanction Details will appear. Verify and accept with Pressing F4. Then, DP Details will appear. Verify and accept with Pressing F4.
  • Enter option ‘I’ and press F4 for verifying Interest Details After appearing Interest Details verify and Press F4 for accepting the same.
  • Enter option ‘V’ and press F4 for verifying MIS Details After appearing MIS Details verify and Press F4 for accepting the same.
  • Enter option ‘E’ and press F4 for verifying Repayment Schedule Details After  appearing  Repayment  Schedule  Details  verify  and  Press  F4  for  accepting  the same. 
Press F10 to commit. The account number will be displayed. and the Loan Account will be Verified.



9 comments:

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