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 loan either partially or fully.

The loan repayment feature enables the customer to make adhoc repayments through the 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 loan account. In partial settlement, the customer can make payment of any amount that is less than the outstanding loan amount. In this case, if there are any arrears in the loan account, they will be settled first followed by the principal balance of the loan.

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 loan account.

How to reach here:

Dashboard > My Accounts > Loans > More Options > Repayments
OR
Dashboard > Toggle Menu > Accounts > Loans and Finances > Repayments

Field Description

Field Name	Description
Account Number	The loan account number in masked format along with the account nickname. The account number will be masked as per account number masking configurations. For more information on Account Nickname, click here.
Pending Arrears	The amount of arrears pending on the loan along with currency. This is the sum of both principal and interest 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	The customer’s linked current and savings accounts that can be debited to make loan prepayment. Note: The list displays the all active accounts of which the customer is the primary or sole owner.
Balance	The current balance of the selected source account. This amount will be displayed against the source account field when an account has been chosen from the drop-down.
Repayment Amount	The field in which the customer can enter the amount by which the loan is to be prepaid.

To repay the loan:

1. From the Source Account selection field, select an account from which funds are to be paid towards the loan.
2. In the Repayment Amount field, enter the partial payment amount.
3. Click Repay.
   OR
   Click Back to cancel the transaction and to navigate back to the previous screen.
   
4. The Review screen is displayed. Verify the details, and click Confirm.
   OR
   Click Cancel to cancel the transaction.
5. The success message appears is displayed.
   Click Go To Dashboard to navigate to the dashboard screen.
   OR
   Click Go To Account Details to view the Loan Details screen.
   

FAQs

Can I make partial prepayment towards my loan using the repayment option?

This depends on the features of the loan you have applied for. If enabled, you will be subject to pre-payment charges applicable as per your loan type.

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