Repayment

A user might, at some point in time, wish to pay back the loan either partially or fully.

The loan repayment feature enables the user to make adhoc repayments through the self-service channel. Users can only make payments from current or savings accounts that are linked to the user.

Through this feature, users can make a partial or full settlement of the loan account. In partial settlement, the user 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 user, who in turn is required to transfer the final settlement amount in order to make a full repayment.

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

You are here How to reach here:

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

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.

This is the sum of both principal and interest arrears.

Outstanding Principal

The outstanding principal balance in the account.

Disclaimer

Text informing the user about the appropriation of funds in case of a partial payment.

Source Account

The user’s linked current and savings accounts that can be debited to make loan prepayment.

Note: Only the active accounts of which the user is the primary or sole owner are listed.

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 user 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 amount to be paid towards the loan.
  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 is displayed.
    Click Go to Dashboard to go to the Dashboard screen.
    OR
    Click Go to Account Details to view the Loan Details screen.

FAQs

Closed 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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