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Customizable Equal Payments
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When customizable equal payments
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are chosen, you can allow your employees (Back-Office Users) and/or Customers to specify the basic installment amount.
Each installment will then be compiled of the equal amount + any fees that are defined as “above equal payment” (for example, interest for loans of the “Classic” type is calculated above the equal payment).
The schedule will be created in the following way:
Every “repayment period” the “equal payment” is charged from the Customer. The rest of the amount to be repaid is charged with the last installment.
If enabled, Back-Office Users and/or Customers change the equal amount. The payments will be recalculated correspondingly.
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Interest Settings
Interest: Set the interest rate as a percentage and the period (e.g., per Month).
Calculation basis: Select the basis for interest calculation (e.g., Remaining principal).
Loan phase: Define the phases of the loan (e.g., Grace period, Main period).
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