Repayment

A customer might, at some point in time, come across additional funds and would wish to take advantage of this sudden cash inflow to pay back the financed amount either partly or fully.

The repayment feature of application enables the customer to make Adhoc repayments through self service channel. Customers can only make payments from current or savings accounts that are linked to the customer.

Through this feature, customers can make a partial or full settlement of the Islamic Finance account. In partial settlement, the customer can make payment of any amount that is less than the outstanding finance amount. In this case, if there are any arrears in the account, they will be settled first followed by the principal balance of the financed amount.

In case of full settlement, the final settlement amount is calculated by applying penalties or charges as applicable by the host system. This amount is displayed to the customer, who in turn is required to transfer the final settlement amount in order to make a full repayment.

Any payment made by the customer, either partially or fully, will be immediately reflected in the finance account.

How to reach here:

Dashboard > Loans and Finances > My Loans page > Overview > Account Card > Loan Details > Repay
OR

Accounts > Loans and Finances > Repayment

Field Description

Field Name	Description
Customer Name	Name of the loan account holders. Depending on the holding pattern, one or multiple names will be displayed.
Loan and Finances Account Number	Islamic Finance account number in masked format along with the account nickname.
Pending Arrears	Pending arrears amount in the account along with currency. It is sum of Principal and Profit arrears.
Outstanding Principal	Outstanding principal balance in the account along with currency.
Disclaimer	Text message informing customer about the appropriation of funds in case of a partial payment.
Source Account	Account for making partial payment. Note: The list displays the all active accounts where customer is the primary holder or sole owner.
Balance	Balance amount in the selected source account.
Repayment Amount	Amount for the partial repayment. Note: Amount should be less than the outstanding principal balance.

To repay the loan:

1. From the Source Account list, select appropriate account number to fund repayment.
2. In the Repayment Amount field, enter the partial payment amount.
3. Click Repay.
   OR
   Click Cancel to cancel the transaction.
   
4. The Review screen appears. Verify the details, and click Confirm.
   OR
   Click Cancel to cancel the transaction.
5. The success message appears, along with the reference number.
   Click Done to complete the transaction.

FAQs

Can I make a partial prepayment towards my loan?

Yes. user can prepay the loan partly or fully, at any stage, subject to pre-payment charges applicable as per your finance type.

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