4.27 Specifying the Special Penalty Components

You can select components to which late payment charges are applicable for both commitment and loan contracts using the Special Penalty Components screen.

Specify the User ID and Password, and login to Homepage.

From the Homepage, navigate to Loans and Commitment - Contract Input screen.

1. On the Loans and Commitment - Contract Input screen, click Penalty Components tab.
   The Special Penalty Components screen displayed.

   Figure 4-35 Special Penalty Components

   
   

   
   Description of "Figure 4-35 Special Penalty Components"

   
   
2. Specify the following details:
   • Component

     System defaults the components selected for late payment charge application at the product level. However, you can modify the components during contract input and contract amendment. In case of contract amendment, the modified components are applicable to future schedules only.

     If you perform a back value dated change for any component due to which late payment charges are applicable, then on recalculation of late payment charges, system considers the new list of components for late payment charge computation.
   • Apply Special Penalty

     Select this check box to indicate that system should apply special charges to the penalty component