1.3.2 Promise to Pay

Promise to pay functionality can be used if a delinquent customer is unable to make the payment immediately and plans to send the payment later. It becomes particularly useful when a loan account becomes delinquent, as it allows the customer to formally indicate their intention to settle the overdue amount at a promised future date. Promise to pay can help to track if the customer has made the payment by the committed date or not. One can use the status of promise to pay to track the payment and resolve the delinquent account once the payment is completed.

The Promise to Pay option can be availed by providing the promise amount and the date by when the user promises to repay the amount. Once the promise has been made, the user can initiate the loan repayment using the ‘Make Payment’ option.

Note:

The promise date must be a future date which is fixed and cannot be modified anytime later.