What is the Loans Given Module?
The Loans Given module is Wevanta' professional-grade tool for tracking money you have lent to friends, relatives, employees, or business associates. It is not a simple IOU list — it is a full lending ledger with interest accrual, repayment allocation, XIRR performance tracking, and a complete audit trail of every action.
Every rupee you lend is tracked from the moment it leaves your account to the moment it is fully recovered (or written off), with a running balance updated in real time after every repayment.
Step 1: Creating a New Loan Record
Go to Money → Loans Given and click New Loan. The creation form is organised into four sections:
Section 1 — Borrower Details
| Field | What to Enter | Required? |
|---|---|---|
| Borrower Type | Individual (a person), Business (a company or firm), or Other. | ✅ Required |
| Borrower Name | Full name of the person or business. This appears on all ledger entries and reports. | ✅ Required |
| Mobile Number | Borrower's phone number. Searchable from the loans list. | Optional |
| Borrower's email for your records. | Optional | |
| Address | Borrower's physical address for legal documentation purposes. | Optional |
| Relationship Type | Select: Friend, Relative, Employee, Vendor, Business Associate, or Custom (where you type your own label). This is used for categorising and filtering your loan portfolio. | ✅ Required |
Section 2 — Loan Terms
| Field | What to Enter | Required? |
|---|---|---|
| Loan Title | A descriptive name for this loan. Example: "Business Loan - Ramesh Traders" or "Wedding Advance - Cousin Priya". | ✅ Required |
| Purpose | Why was the money lent? E.g., "Medical emergency", "Business expansion", "Home renovation". Kept for your internal records. | Optional |
| Principal Amount | The total amount lent. This is the opening balance of the loan. | ✅ Required |
| Disbursement Date | The date the money was actually handed over or transferred. This is the anchor date for all interest calculations. | ✅ Required |
| Interest Rate & Period | Enter the agreed rate and select Monthly or Yearly. If you enter a monthly rate (e.g., 2%), the system converts it internally to an annual rate (24%) for consistent calculations. Enter 0 if it is an interest-free loan. | Optional |
| Interest Method | Simple Interest — calculated on the original principal only. Compound Interest — interest on interest. Most personal and business loans use Simple Interest. | ✅ Required |
| Repayment Style | How the borrower will repay: Monthly, Quarterly, Yearly, Irregular (ad hoc), Interest Only (pay interest monthly, principal at end), Bullet (full repayment on one date), or Custom. | ✅ Required |
| Expected Closure Date | The date by which the borrower promises to repay in full. If this date passes with outstanding principal remaining, the system automatically marks the loan as Overdue. | Optional |
| Grace Days | Number of days after the closure date before the system marks it overdue. Useful for borrowers who sometimes pay a few days late. | Optional |
Section 3 — Security & Disbursement
| Field | Details |
|---|---|
| Security Type | What collateral is held against this loan: None, Cheque, Gold, Property Papers, Promissory Note, or Other. This is for record-keeping only — it helps you remember what you hold as security. |
| Security Notes | Details about the collateral — e.g., "Signed cheque #012345 dated 31-Dec-2026" or "Gold chain 25g in our custody". |
| Disbursement Mode | How the money was transferred: Cash, Bank Transfer, Cheque, Demand Draft, UPI, or Other. |
| Reference No. | UTR number for NEFT/RTGS, UPI transaction ID, or cheque number. |
| Bank Name | Which bank the transfer was made from. |
| Linked Account | If you link your Wevanta Bank Account (e.g., "HDFC Savings"), the system automatically creates a matching expense transaction in that account so your Bank balance decreases by the disbursed amount. |
Section 4 — Automation
- Auto-Calculate Interest: When enabled, Wevanta auto-accrues interest daily using the Actual/365 day-count convention. The interest meter on the loan detail page ticks forward in real time.
- Create Reminder: Check this to create an automatic Planning reminder X days before the Expected Closure Date. You will receive an email alert when repayment is approaching, so you can follow up with the borrower proactively.
Step 2: The Loan Detail Page — Understanding Your Ledger
Clicking any loan opens its full detail page with a chronological ledger. The first entry is always the Loan Disbursed row, showing the opening balance (the Debit). Every repayment you record after this appears as a Credit, progressively reducing the running balance column.
The Summary Dashboard Cards
At the top of the detail page, Wevanta calculates and displays these live metrics:
| Metric | How It Is Calculated |
|---|---|
| Outstanding Principal | Original Principal minus all principal components received across all repayments. |
| Total Interest Earned | Sum of all interest components across all repayments recorded. |
| Accrued Interest (Unpaid) | Interest that has mathematically accrued since disbursement date using Actual/365 convention, minus what has already been collected. This tells you how much interest the borrower still owes today. |
| % Recovered | Principal received ÷ Original Principal × 100. A visual progress bar shows your loan recovery at a glance. |
| Days Since Last Payment | How many days have passed since the borrower last made any payment. A high number is an early warning sign. |
| XIRR % | Your real annualised return on this loan, calculated using the Newton-Raphson method. See Step 5 for a full explanation. |
Step 3: Recording a Repayment
When the borrower pays you back, click Record Repayment on the loan detail page. This is the most important step — getting the allocation right ensures the outstanding principal and accrued interest stay accurate.
| Field | What to Enter | Required? |
|---|---|---|
| Receipt Date | Actual date the money was received. Must be on or after the disbursement date. Use the correct past date even if you are entering it late. | ✅ Required |
| Amount Received | The total amount you physically received in this payment. | ✅ Required |
| Receipt Mode | How it was received: Cash, Bank Transfer, Cheque, Demand Draft, UPI, or Other. | ✅ Required |
| Reference No. / Bank / Instrument No. | UTR number, cheque number, or UPI ID. Critical for reconciliation with bank statements. | Optional |
| Allocation Type | This is the most important field. Choose: Principal Only (full amount reduces the outstanding debt), Interest Only (full amount is an interest payment, does not reduce debt), Mixed (split between principal and interest — you must fill in both components), Penalty (late fee), Fee, or Other. | ✅ Required |
| Components (for Mixed) | If you selected Mixed, enter the Principal Component and Interest Component separately. They must sum exactly to the Amount Received — the system validates this and blocks submission if they do not match. | Mixed only |
| Penalty / Fee / Excess | Optional breakdown for late fees, processing fees, or overcollected amounts. | Optional |
| Destination Account | Which Wevanta bank/cash account did this money go into? If selected, Wevanta automatically creates an income transaction in that account, keeping your bank balance accurate. | Optional |
| Remarks | Notes for this specific repayment — e.g., "Advance against salary" or "Partial cash repayment at wedding". | Optional |
Step 4: How Wevanta Updates After Each Repayment
When you save a repayment, the system runs a full recalculation in a single database transaction:
- The Outstanding Principal decreases by the principal component of this repayment.
- Total Interest Received increases by the interest component.
- The Last Payment Date is updated.
- The loan Status is re-evaluated automatically — if outstanding reaches zero, status changes to Closed; if the closure date is now in the past and balance remains, status changes to Overdue.
- If a destination account was specified, an income transaction is posted there.
- An Audit Log entry is created recording who made the entry, from which IP address, and when.
Step 5: Understanding XIRR — Your Real Return
A simple interest rate tells you what you agreed to charge. XIRR tells you what you actually earned, accounting for the timing of every repayment received.
How Wevanta calculates it:
- The original disbursement is treated as a negative cashflow (money going out).
- Every repayment you received is a positive cashflow (money coming in), on the exact date it was received.
- If the loan is still open, the current outstanding principal is added as a hypothetical cashflow dated today.
- Wevanta then runs a Newton-Raphson iterative solver to find the single annual discount rate that makes the Net Present Value of all these cashflows equal to zero. This rate is your XIRR.
What XIRR tells you in practice: If you lent ₹1,00,000 at 12% p.a. but the borrower paid irregularly (mostly in the last 3 months), your XIRR will be lower than 12%, because the money was not working for you effectively. Conversely, if the borrower paid early, your XIRR will be higher. XIRR is the single most accurate metric for evaluating the profitability of an informal loan.
Step 6: Loan Statuses — What Each Means
| Status | When It Applies |
|---|---|
| Draft | A loan you have started entering but not yet finalised. It does not appear in active portfolio stats. |
| Active | The loan is live, outstanding balance exists, and the closure date is in the future. |
| Overdue | The expected closure date has passed but principal is still outstanding. Set automatically by the system when repayments are recorded. |
| Defaulted | You have manually tagged this loan as defaulted — the borrower is not expected to repay. No automatic transition; you must set this manually from the edit form. |
| Written Off | The loan was closed with outstanding principal remaining, agreed to be a loss. See Step 7. |
| Closed | Outstanding principal is zero — the loan has been fully recovered. |
Step 7: Closing a Loan
When the borrower has fully repaid, the system automatically closes the loan (status → Closed) after you record the final repayment that brings outstanding principal to zero.
If the loan cannot be fully recovered (bad debt):
- Open the loan and click Close Loan.
- If outstanding principal is still above zero, you will see a prompt: "Cannot close loan. Outstanding: ₹X. Tick write-off to close with bad debt."
- Check the Write-Off option and enter a reason (e.g., "Borrower became insolvent" or "Mutually agreed waiver").
- Wevanta creates a system repayment entry recording the write-off amount, sets outstanding to zero, and marks the loan Written Off. The write-off reason is stored in the audit trail permanently.
Step 8: Reversing a Wrong Repayment Entry
If you entered a repayment with the wrong amount, wrong date, or wrong allocation type — do not panic. You cannot edit a repayment entry directly (to protect the audit trail). Instead:
- Click the 🗑️ delete button on the repayment row in the ledger.
- Wevanta does NOT simply remove the record. Instead, it creates a Reversal Entry with negative amounts that exactly cancel the original entry.
- The loan is immediately recalculated back to its state before that repayment.
- You can then re-enter the repayment with the correct figures.
This ensures your audit trail always shows the full history of what was entered, when, and who reversed it.
Step 9: Exporting Your Loan Data
On the Loans Given list page, click Export CSV. You can choose between two export types:
- Summary Export: One row per loan with columns: Title, Borrower, Mobile, Disbursed Amount, Date, Interest Rate %, Outstanding, Interest Earned, Status, Closure Date, and XIRR %.
- Repayments Export: One row per repayment transaction across all loans, with full breakdown of Principal Component, Interest Component, Penalty, Receipt Mode, and Reference Number.
Both exports are CSV files downloadable directly to your device. Every export action is logged in the audit trail.
Step 10: Searching & Filtering the Loans List
The Loans Given homepage allows you to:
- Filter by Status: Toggle tabs — All, Active, Overdue, Closed, Written Off.
- Search: Real-time search across Borrower Name, Loan Title, and Mobile Number.
- Sort: Click any column header to sort by Disbursement Date, Principal Amount, Outstanding Balance, Borrower Name, or Status. Click again to reverse the sort direction.
The top of the page shows a Summary Dashboard with totals across all loans: Active Count, Total Principal Outstanding, Total Interest Ever Earned, Total Principal Recovered, Overdue Count, and Closed Count.