Now schedule repayments on same date every month

Agriculture Demo

Now schedule repayments on same date every month

Hi Team,

Original schedules with the same repayment date every month now live!

Loan application form now allows borrowers to choose “fixed date” from a new drop-down field “Repayment Frequency” and a repayment date between 1st and 28th in another new field called “Fixed (monthly) date”.

     

  1. The first repayment will be due when the chosen date arrives after the moratorium.
    For example, if 6th is chosen as the repayment date for a 10-day moratorium loan starting on 31st July, the first instalment will be due on 6th September.
  2. EMI will be calculated for 31 day repayment periods. The last EMI will be lesser, to adjust for payments made in months with 28, 29 or 30 days.
  3. For Fixed date repayment to work, edit the Loan product’s range of repayment frequency to include 31 days (won’t impact ongoing loans). For example, it won’t work for SMV e-rickshaw Loans as its repayment frequency is 14 days.

Happy lending!

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