7.1.4 Applying Repayment Holiday for Other Period

You can select a reason to apply repayment holiday to the schedules.

To apply repayment holiday for other period:

  1. Navigate to the screen and fetch the account. For more information, refer Navigating and Fetching Account.
  2. From the Period field, select the Other option.
    The fields related to date range are displayed.

    Figure 7-5 Others

    Description of Figure 7-5 follows
    Description of "Figure 7-5 Others"
  3. On the Loan Payment Holiday screen, perform the action for applying the repayment holiday for other period. For more information on fields, refer to field description table below:

    Table 7-3 Others – Field Description

    Field Description
    Search by Users can search for an account number by using any of the available search criteria.

    The account number is set as the default search option. Users can specify the account number directly in the adjacent field or search for an account number by clicking the Search icon. Users can also search for the specific account number by providing customer ID, account number, or account name.

    Other search options available in the Search by field are Customer ID, SSN, Mobile Number, and Email.

    A specific customer ID can be searched by providing the customer name or customer ID. If SSN, mobile, or email IDs are chosen to find an account number, the respective IDs have to be input entirely in the adjacent field for the system to display the account number. For a given search criteria, multiple account numbers may be linked.

    For example, two or more account numbers can be linked to a single mobile number. In such cases, the system displays all the account number matches and the user can select the relevant account number on which to perform a servicing operation.

    Note:

    The label of the field adjacent to the Search by field changes dynamically. For example, if the Account number is chosen as the search criteria, the label of the adjacent field is displayed as the Account Number. If SSN is chosen as the search criteria, then the adjacent field would display the label as SSN.
    Value Date Select or specify the value date for performing the transaction.

    Note:

    By default, the system displays the current date. If required, you can specify a future date. A back date is allowed only if no financial event has happened on the holiday period.
    Period Select the Other option.

    Note:

    As you select the Other option, you need to select an appropriate option from the list displayed adjacent to the field.

    For more information on Upcoming Payments option, refer Applying Repayment Holiday for Upcoming Payments.

    For more information on Date Range option, refer Applying Repayment Holiday for a Date Range.

    Skip Only Principal
    Switch to Toggler Onrepaying the interest part only that is, the principal schedule will be excluded during the repayment holiday period.

    Note:

    Principal schedule is amortized for the remaining period or for the tenor of the loan. For simple loans (Bearing Loans), the principal is recalculated for the remaining schedules.
    Switch to Toggler Off for including the principal and interest during the repayment holiday period.

    Note:

    Outstanding Principal is amortized for the remaining period or for the tenor of the loan. For Simple Loans (Bearing Loans), the interest schedules for the period is also skipped.
    Interest Treatment Select the appropriate option for treating the interest. The options are:
    • Pay
    • Waive
    • Capitalise

    Note:

    This field is displayed, if you switch to Toggler On from the Skip Only Principal field.
    Total Fees Displays the fee amount along with currency charged on the loan account.

    Note:

    To view the fee details or modify the fees, click the View Details/Modify link displayed next to this field. For more information, refer Viewing and Manage Fees.
    Waive Fees

    Switch to Toggler Onto waive the fees applied on the account.

    Switch to Toggler Off to retain the fees applied on the account.

  4. Click Next.

    Note:

    On click Next, the system displays an error message:
    • Holiday interest formula is not maintained.
    • Holiday period is not within the maximum Interest Only Period maintained at the product level. This validation is applicable only if Skip Only Principal is switched to Toggler On.
    • Final schedule is on the holiday period.
    • Any selected schedule is partially or fully paid.
    • Holiday period is already set for the schedules.
    • No schedules exists of the loan account.
    The Revised Schedule tab is displayed.
  5. Click Submit.
    The screen is successfully submitted for authorization.

Parent topic: Loan Payment Holiday