Overdue Charge Specific Fields

This field is enabled on enabling "Add Fee Frequency". Following are the drop down options based on which the charge will be applied.

1. Days - It will divide the amount by 365 days (harge )
Ex: If we give charge amount as "5", (5/365)*(number of days)
2. WEEKS - It will divide amount by 52 weeks
EX : If we give charge amount as "5", (5/52)*(number of weeks)
3. Months - It will divide amount by 12 Months
EX : If we give charge amount as "5", (5/12)*(number of months)
4. Years - It will divide amount by 365 days
EX : If we give charge amount as "5", (5/365)*(number of days)
5. Same as repayment period - It will divide amount by 12 months. Charge applied on due date
EX: If we give charge amount as "5", (5/365)*(1 days)
This will calculate penalty based on average value when we do repayment early or late

1. FLAT
If the charge percentage type is "flat" then the charge amount applied is x% based on the frequency.
2. Yearly
If the charge percentage type is "Yearly" then charge amount will get divide by 365 days
Say for an example the charge percentage is "5%" then the charge amount is 5 (5/365)*(Number of days)

Grace period is nothing but waiting period to apply the penalty.

Say for an example, If the Grace period given is "x days", After running the job the system will wait to apply the penalty to the loan for x days.On (x+1) day penalty will get apply as of current date.

Say if the first repayment date is on 01 February 2017, the overdue penalty(100) will applied 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)

Penalty free period is nothing but a period of time the client will be benefited without penalty even though the client has overdue. 
Ex: If the Penalty Free Period given as "4 days", After running the job system will not collect the penalty for 4 days.
If First repayment date is on 01 February 2017, the first 4 days penalty will not be collect.
For January 2017, 31 days - it will apply penalty only for 27 days

Note: If the Grace period is given as "7 Days " and Penalty Free Period as "3 days", for 3 days penalty will not get collected but penalty will be applied after 7 days for that installment

1. Apply for First Overdue Installment
Case 1: When the Grace period is defined (for ex "6 days")
It will be apply only for 1st installment
Ex: Consider 1st installment as "01 February 2017" After running the job it will wait to apply the penalty upto 06 Feb 2017, from 07 Day the penalty will get applied.
From 2nd installment penalty will apply form 1st day of the month itself

Case 2: When the Penalty free Period is defined (for ex "4 days")
Penalty will not be applied for 4 days for 1st installment
From 2nd installment the penalty will be applied from 1st day of the month itself.

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 should will be applied from 8th day of the month and system will not appy penalty for 4 days 
From 2nd installment system will apply penalty from 1st day of 2nd installment itself

2. 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
Ex: Consider 1st installment as "01 February 2017" After running the job the system will wait to apply the penalty upto 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.

Case 2: When the Penalty free Period is defined (for ex "4 days")
For each installment, the system will skip applying Penalty for 4 days 

Case 3: When both Penalty free Period (for ex "4 days") and Grace Period (for ex "7 days") are defined
For all the installments the system applies penalty from 8th day of the month and 4 days penalty will be skipped as penalty free period is 4 days.

When ever early or late repayments are done, with respect to the number of late/early days system calculates and applies the penalty.

Note: Penalty will be applied irrespective of running overdue jobs

Say for an example the repayment is on 01 February 2017,but the repayment is done on 15 February 2017. For the first 15 days(number of late repayment days), the system will calculate penalty for 10000(principal) amount later it will caculate for the remaning amount.