Process for Opening Festival Advance Account in Finacle

Hello Friends, In our Banking industries all our colleague, not lose a chance to get the festival Advance/Loan because it is totally interest free and it take per financial year. No any other loan is as handsome as it and it more useful when it limits increase to Gross monthly income (nearest to thousands) without any ceiling limit. It full fill our desire to enjoy the Festival.
Here in this article we learn that the process of Festival Advance loan account opening in Finacle in a simple way -



Case Study

Gross Monthly Income : 45563
Principal Amount:          45,000/-
Loan Tenure:                  10 Month
Rate of Interest:              00.00% ( Interest free)
-
A/c opening Date : 06.09.2016



Now use the menu: HOAACLA



Step 1.



Cust ID: Write the Customer ID of Borrower
Scheme Code : LA671 ..then click on treesàSubmit

                                          àLA671-Staff Festival Adv-26601-Fest. Adv to StaffàSelect

                                              Then àAccept

(Note: Kindly note that all the Staff Loan started with "6" digits)

Step-2



General


Charge Level: Select from trees
Location Code: Select from trees as branch location
Mode of Operation: 001

è Validate

A/c Interest

No any change in this section , only validate

è Validate

Scheme


Loan Amount:– 45,000 (from above )
Loan Period:– 10
Credit file No. – write as per your branch
Review level:– select from trees
Review Authority: – select from tress as per your branch authority
Operative A/c ID:- Not necessary , you can write
Debt Acknowledgement:-  usually date of a/c opening i.e 06.09.2016  

è Validate

LA Interest


Just à Validate


Flow Parameters


No of installments: 10
Inst. start date : 30-09-2016 (current month last date, so inst. start from next month)
Int. start date : 30-09-2016
Inst Frequency - Monthly
Int Frequency - Monthly

è Validate

Flow Details

No need to any change , only validate this section

è Validate

MIS Code


Sector code: - 290.  Other Non Priority
Sub Sector Code: LS- Loan to Staff
Occupation Code: - Select from trees As per borrowers
Borrowers Category:- 15/14/16 ( for Clerk/officer/sub-staff)
Purpose of Advances:
Mode of Adv: DA
Types of Adv: SL
Nature of Adv: FSEC
Gurantee cover code: NA
Industry type: NA
Free Code 3: TF

è Validate

Account limit


Sanction Date:-06.09.2016
Expiry Date- 06.09.2017
Document Date: 06.09.2016
Sanction level: select from trees as per sanction letter
Sanction Authority: Select from trees as per sanction letter
Limit refence no:  writer as per sanction letter
Drawing Power: E-Equal

è Validate

Document


Document Code: DPNTL
Received Date: 06.09.2016
Expiry Date:06.09.2019

è Submit

Write the temporary a/c number and forward for final verification.


Now we complete the all process and hope it will be helpful to you all while opening a Festival Advance loan account. I welcome your comment if you want to share with me.


Thanks…!!!