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 > My Accounts > Loans and Finances > More Options > Repayments
OR
Dashboard > 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 appears is displayed.
    Click Go to Dashboard to go to 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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