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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.
Adding a Custom Repayment Mode
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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Availability
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The mode availability defines if this mode can be available for Customers and/or Back-Office.
This means that when manually initiating a payment, they will see this mode in the selector.
Max payment amount
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Define the maximum amount of the transfer that can be performed if this repayment mode has been selected.
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No limit
Outstanding principal
Sum of postponed fees
Sum of special fees
Payoff amount
Adding Steps
As it has been mentioned before, each repayment mode is a set of steps performed with the transferred amount.
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When there is more than one step in the list, you can use the up and down arrows to move the steps around the list.
The logic of the Mode Steps Performance
The system performs or attempts to perform repayment and recalculation steps in the order they are placed on the list. We can virtually divide the steps into:
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The system continues, until the repayment amount is used up and all recalculation steps are performed.
Finalize the Repayment Mode Creation
Once you’ve defined all the steps and settings, click the OK button at the bottom.
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