Repayment

Customers can make a payment equal to the installment amount, lower than or more than the installment amount of the loan account. If the amount is higher than the installment amount, it can be considered as partial payoff or full settlement (depending upon the penalties and charges settings at the host).

Note: If customer makes a payment equal to the total outstanding loan amount (inclusive of arrears), it may lead to settlement of the loan account, depending upon the configuration (premature penalty/any charges) at the host system.

You are here How to reach here:

Dashboard > Toggle menu > Accounts > Loans and Finances > Repayment

OR

Dashboard > Accounts > Loans and Finances > Overview > Quick Links > Repayment

Field Name

Description

Select Account

Loan account number along with the account nickname (if set by the user).

For more information on Account Nickname, click here.

Pending Arrears

Pending arrears amount in the account.

It is sum of Principal and Interest arrears.

Outstanding Principal

Outstanding principal balance in the account.

Disclaimer

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

Source Account

Account with the account nickname (if set by the user) for making repayment.

For more information on Account Nickname, click here.

Note: The list displays all active accounts that the logged in user has access to – of his primary party & linked parties.

Balance

Balance amount in the selected source account.

Repayment Amount

Amount for the repayment of loan.

Note:
Amount should be less than the outstanding principal balance, for a partial repayment.
The Source account should have sufficient balance to cover the repayment amount.

To repay the loan:

  1. From the Select Account list, select appropriate loan account number. Application displays the Pending Arrears and Outstanding Principal amount.
  2. From the Source Account list, select appropriate CASA account number, to make repayment from. Application displays the balance amount in the account.
  3. In the Repayment Amount field, enter the repayment amount.
  4. Click Repay.
    OR
    Click Back to navigate back to the previous screen.
  5. The Review screen appears. Verify the details, and click Confirm.
    OR
    Click Back to make changes if any. User is directed to Loan Repayment – screen with values in editable form.
    OR
    Click Cancel to cancel the transaction.
  6. The success message of Loan Repayment appears along with the transaction reference number.
  7. Click Go To Dashboard to go to Dashboard screen.
    OR
    Click Go to Account Details to go to Loan Account Details screen.

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