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OBJECTIVE |
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6. When you select Cheque Bounce, you will see the below screen. Fill all the mandatory fields as required. Finally click on 'Submit’ button.
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When you select Processing Fee, you will see the below screen. Fill all the mandatory fields as required. Finally click on 'Submit’ button.
Charge Time Type: Select the desired charge time type.
Disbursement: Gets charged at the time of loan disbursement, provided amount gets collected from the Disbursement amount.
Source of Collection: Collected from borrower.
Collect in first installment: The provided amount gets collected in the first installment.
Slab Based: Select Slab Based as charge calculation to calculate the charge amount based on the slab (with respective repayments number and Installment amount).
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Days - It will divide the amount by 365 days. Example: If we give charge amount as "5", (5/365) *(number of days)
Weeks - It will divide amount by 52 weeks.
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Example: If we give charge amount as "5", (5/52) *(number of weeks)
Months - It will divide amount by 12 Months.
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Example: If we give charge amount as "5", (5/12) *(number of months)
Years - It will divide amount by 365 days.
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Example: If we give charge amount as "5", (5/365) *(number of days)
Same as repayment period - It will divide amount by 12 months. Charge applied on due date.
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Example: If we give charge amount as "5", (5/365) *(1 days)
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. This will calculate penalty based on average value when we do repayment early or late.
Grace Period: Grace period is nothing but waiting period to apply the penalty.
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Say if the first repayment date is on 01 February 2017, the overdue penalty (100) will applied apply with grace period of 5 days. The system will wait till 5th February 2017, if the repayments are not yet done then from 6th February 2017 and on 6th February 2017 it will collect the penalty as 5 days penalty (500) + 6th Feb Penalty (100).
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Penalty Grace/Free Period applicable for Case
Apply for First Overdue Installment
Case 1: When the Grace period is defined (for ex "6 days")
It will be applied only for 1st installment.
Example: Consider 1st installment as "01 February 2017" After running the job it will wait to apply the penalty upto up to 06 Feb 2017, from 07 Day the penalty will get applied.
From 2nd installment penalty will apply form 1st day of the month itself.
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Case 3: When both Penalty free Period (For ex "4 days") and Grace Period (For ex "7 days") are defined.
For 1st installment the penalty will be applied from 8th day of the month and system will not apply penalty for 4 days.
From 2nd installment system will apply penalty from 1st day of 2nd installment itself.
Apply for each Installment
Case 1: When the Grace period is defined (for ex "6 days")
The system will start applying penalties for all the installments.
Example: Consider 1st installment as "01 February 2017" After running the job the system will wait to apply the penalty up to 06 Feb 2017, from 07th Feb 2017 the system will start applying the penalty.
From 2nd installment the system will start applying penalty from 6th day of the month itself.
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Apply penalty For broken period: When ever Whenever early or late repayments are done, with respect to the number of late/early days system calculates and applies the penalty.
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