As soon as the loan has been disbursed, the customer may start making payments to cover the loan and relevant fees, interest, and other charges. Each time the funds are received from the customer, they shall be allocated between different payables. The way they are allocated depends on the chosen Repayment Mode.

How Repayment

repayment mode is a rule that regulates Repayment modes constructor allows defining rules that regulate how the funds transferred by the customer are allocated among their payables. In simple terms, it is an ordered list of steps applied to the payment.

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• Repayment Steps: Funds are used to cover a specific payable

• Recalculation Steps: The rest of the payables are recalculated and allocated among the installments.

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Default Modes

There are three repayment modes that are by default available for any credit product.

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Initial Payment Mode

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This mode is available by default and has an only one step: all the funds are used to pay the initial payment. Maximum amount available for this mode cannot exceed the initial payment.

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Pay-off Mode: This mode is available by default only available to pay off the principal and all the interest and fees as of the current date and used for this purpose.

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