Loan Purpose

The process of creating loan purposes

A loan purpose is the reason why a client is taking a loan.

Disclosure requirements (Form 39)

The form 39 submission form to the NCR includes a classification of loans into the various purposes or reasons why the clients need the loan.

Top Tip : Marketing tool

Loan purposes may be a useful tool in analysing the types of clients your business attracts this can in turn be used to develop targeted marketing and media campaigns to further grow your business as well as retain your existing clients.

The user will be required to simply select a Purpose Type, and the authorized client categories or branches that the Loan Purpose is effective for. This is shown in the screenshot below:

Watch the training video below for a illustration on how to create a new Loan Purpose.

General Configuration

The process of setting up Loan Purposes conforms with the method in which other general configurations are done in Mobiloan.

As a reference on how to use the screen layout to add and edit Loan Purposes, refer to the General Configurations section.

If you have already done so, you may proceed with the contents of this page.

Purpose Types

All purpose types are in alignment with the Form 39 declaration and include:

• Housing and related.

• Furniture.

• Small Business.

• Education.

• Debt.

• Debt consolidation.

• Service.

• Other.

• Income Loss

• Loss, theft or fire.

• Other emergency.

Consumption purposes.

Most clients take a loan for consumption purposes so we tend to recommend creating a loan purpose called consumption and only adding others if absolutely necessary.

This will fall under the "other" purpose type.