Loan Security Release

Security release in loans refers to the process in which a lender relinquishes the claim or lien on an asset that was used as collateral once the borrower has fully repaid the loan. Essentially, the asset, such as property, vehicles, or other pledged securities, is "released" from the lender’s control or interest, returning full ownership rights to the borrower.

If a security/collateral has been assigned to a loan, it has to be released before the loan can be closed.

To access the Loan Security Release, go to:

Home > Lending > Loan Security > Loan Security Release

1. How to create a Loan Security Release

1. Go to the Loan Product List, and click on Add Loan Product.

2. Enter the loan product details like product code, product name, rate of interest, repayment schedule type, accounting info, etc.

3. Save