Repayment modes constructor allows defining rules that regulate how the funds transferred by the customer are allocated among their payables.
There are three system-wide repayment modes available by default, but it is also possible to add some custom ones and define their settings for each credit product.
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To add a custom repayment mode to a credit product:
Go to the Settings → Loan Settings → Credit products and click the pencil icon by the credit product name
In the emerged window, open the “Repayment modes” tab and click the “Add repayment mode” button
Name and Descriptions
The mode name and description are displayed when selecting how the payment shall be allocated. It is important that other users and customers can understand what this mode is dedicated for
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We’ve strived to make the step names rather simple and easy to understand, however, shoudl should there be a doubt, select the step in the drop-down and its detailed description will appera appear below it.
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If this is the step you need, click the “Add step” button, and the step will be added to the list
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Repayment Steps: related directly to the usage of the transferred payment
Recalculation Steps: related to recaculation recalculation of the loan fees, interest and principal in consideration of the previous repayment steps.
The system performs repayment steps in the order of their placement on the list until whole payment amount is used up, i.e.
If the amount is not enough to cover the step in full, it covers it in part and moves on to perform the remaining recalculation steps in the corresponding order. It does not perform any other repayment steps.
If the amount is enough to cover the steps in full, the system covers the step, and
If the next step is a repayment step, the system tries to perform it (as in 1)
If the next step is a recalculation step, the system performs it and moves on to the next step
The system continues, until the repayment amount is used up and all recalculation steps are performed.
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