1. Loan Service User Guide
  2. Accounts
  3. Loan Write-Off

2.6 Loan Write-Off

You can write-off the loan amount of the customer that is not coverable from the customer using the Loan Write-Offscreen.

Here, the bank write off the assets, including fees, interest and other components, which the customer was liable to pay. This will always be a bank initiated transaction and customer can never request a bank to write off his account.

You can get an overview of the amount based on the write-off amount or percentage specified, in the right widget. For more information, refer Simulation Details.

Note:

  • If you write-off full 100% of the loan amount, then post write-off, the account is marked as closed.
  • You cannot perform write-off on the account that is not disbursed.
To perform loan write-off:

Note:

The field, which is marked with blue asterisk, is mandatory.
  1. On the Homepage, from Loan Service mega menu, under Accounts, click Loan Write-Off. You can also open the screen by specifying Loan Write-Off in the search icon bar and selecting the screen.
    The Loan Write-Off screen is displayed.

    Figure 2-48 Loan Write-Off

    Description of Figure 2-48 follows
    Description of "Figure 2-48 Loan Write-Off"
  2. On the Loan Write-Off screen, click the Search icon or specify the account number in the Account Number field, and press Tab or Enter. For more information on search, refer Fetch Account Number.
    The loan write-off details of the account is displayed.

    Figure 2-49 Loan Write-Off Details

    Description of Figure 2-49 follows
    Description of "Figure 2-49 Loan Write-Off Details"
  3. On the Loan Write-Off screen, perform the loan write-off action. For more information on fields, refer to field description table below:

    Table 2-30 Loan Write-Off – Field Description

    Field Description
    Account Number Click the Search icon and select the account number or specify the account number for which the statement is to be generated.

    Note:

    As you specify the account number, the name of the account holder appears next to the account number.
    Value Date Specify the value date for performing the write-off.

    Note:

    By default, the fields displays the current posting date. You can specify only a current or a back date.
    Write-Off Select the write-off option. The options are:
    • Amount
    • Percentage

    Note:

    • If you select the Amount option, then you need to specify the amount in the field and the percentage is calculated by the system based on the total outstanding amount and displayed adjacent to the field. Also, you can specify amount equal to or less than the total outstanding amount.
    • If you select the Percentage option, specify the write-off percentage from the loan amount.
    Write-Off Allocation This section displays the component wise write-off allocation details.

    Note:

    If the total allocation amount do not match with the total write-off amount, then the system displays an error message that allocation is not matching
    Component Displays the write-off components.
    Outstanding Displays the outstanding amount component wise.
    Write-Off Specify the write-off amount from each component.

    Note:

    By default, the write-off amount is displayed as of date.
    Total Displays the total of outstanding and write-off amount.
    Reduce Outstanding

    Switch to Toggler On for reducing the amount from the total outstanding amount.

    Switch to Toggler Offfor not reducing the amount from the total outstanding amount.

    Right Widget For information on this widget, refer Simulation Details.
  4. Click Submit.
    The transaction is submitted for authorization.
  • Simulation Details
    You can get a complete overview of the amount details displayed in this widget on the right side of the screen.

Parent topic: Accounts