SharePoint List Clear Row Values Conditionally

Using OneDrive for Business and SharePoint Online / Microsoft Lists.

I have a simple 'Reserve an Item' list in SharePoint, it contains the following columns (I have removed a lot of columns for this example);

 - description (text)

 - status (drop down - available / on loan)

 - allocated to (lookup)

 - loan date (date time)

I'm populating the details as an item is loaned. When it is returned I change the 'status' column to available and delete the contents of the 'allocated to' and 'loan date' columns.

Is there a way I can achieve this dynamically? e.g. 

if status == 'available', allocated to AND loan date == ''

I would prefer to edit the list in grid view.

Or any other more efficient way of achieving this.

Thanks