Understanding Loan Dates
Each loan in the system is associated with several key dates:
Start Date: The date when the loan application was submitted.
Disbursement Date: This is the date when the loan funds are transferred to the Customer’s account.
Installment Date: The date when the installment payments are due according to the schedule
First Due Date: This is the first installment date (the date when the first loan repayment is due). By default, it is the Disbursement Date plus the first repayment period (e.g. if the loan is to be repaid monthly, the “first due date” is one month after the disbursement date).
What Can Be Changed
If the Due Dates toggles are off, the dates are assigned automatically and cannot be edited.
For each credit product, you can set up the system to:
Change the Start Date
When a loan is created in the system, the Back-office user can be allowed to reset the loan start date. This way they can specify the planned start date for assessing the loan and gathering additional details about the customer.
If this setting is enabled, the start date will be reset by default.
Change the First Due Date
By default, the first due date is set to one installment period after the disbursement date. However, there may be instances where this date needs to be adjusted, such as when a customer requests to align their monthly installments with a specific payment date.
You can define the minimum and maximum allowable shifts for the first due date, providing flexibility for back-office users when setting it up.
If this setting is enabled, the first due date will be shifted by the “Min (days)” by default.
Enable date Rolling
Date Rolling allows the adjustment of due dates that fall on holidays or weekends.
For example, if an installment due date falls on a weekend, it will be rescheduled to the following Monday.
The system also considers your company's calendar when rolling dates.
Please note that date rolling adjusts the payment date but does not cancel any interest or fees that are due. For instance, if a repayment period spans a single day, no payments will be expected on Saturday and Sunday. However, the payment due on Monday will cover all three days.