Converted Transactions

In this section of the manual, you will know about converted transactions.

What is a Converted Transaction?

Converted Transaction refers to a transaction that involves the conversion of one currency into another. It occurs when a customer makes a payment or purchase in a currency that is different from the currency in which their account is denominated.

1. Once you create the credit line account, you will see the below screen containing different tabs. Click on ‘Converted Transactions’ and you will see the following details as shown below.

• Purchase Date: Purchase Date of transaction

• Product: Product for which transaction has been done

• Converted Loan Amount: It refers to a specific type of loan or debt that has been converted from one form to another. This conversion usually involves changing the terms or characteristics of the original loan.

• EMI’s: It refers to the fixed monthly payment that a borrower makes to repay a loan or debt over a specific period of time. EMI's are commonly used for installment loans, such as personal loans, car loans, home loans, or consumer durables purchased on credit.

• Total Outstanding: It refers to the overall amount of money owed or unpaid on a particular account or financial obligation. It represents the cumulative balance of unpaid funds, including any principal, interest, fees, or other charges that have not been settled or cleared.

• Tenure: Duration of transaction

• Status: Status of transaction

Open

• Actions: When you click on the three dots under ‘Actions’ along the same row, you will get the option of ‘Foreclosure’ (it gets charged on the foreclosure date). Click on ‘Foreclosure’, you will see the below screen. Add ‘Notes’ and click on ‘Confirm’.

Open

2. You will also get the option to view it by clicking on ‘View’ along the same row. Once you click on ‘View’, you will see the below screen containing different tabs and following details:

• Amount Disbursed: It displays the amount to be disbursed.

• Amount Paid: It displays the amount to be paid.

• ROI: It displays the rate of interest.

• Tenure: It displays the duration of loan.

• Excess Amount Paid: It displays the excess amount to be paid.

• Loan Status: It displays the status of loan (for example: overdue).

It also displays the following details:

• DPD: “Days Past Due” refers to the number of days that a borrower has missed making a scheduled payment on a loan or credit account. DPD is used by banks and other lenders to track the payment history of their borrowers and to assess their creditworthiness.

• Recent Transaction: It displays the date of recent transaction.

• Transaction Amount: It displays the amount of recent transaction.

• Transaction Type: It displays the type of recent transaction.

Upcoming

• Next Due On: It displays the due date of next transaction.

• Due Amount: It displays the due amount of next transaction.