Loan Penalty Calculation

ByCatherine Ojiambo

The system supports calculating loan penalties based on various time intervals giving the financial institutions a wide range of options which are listed below

  • Daily
  • Weekly
  • Monthly
  • Quarterly

The admin is required to edit and approve the Credit Product Policy (CPP) and approve it to ensure the feature applies

Here is How

  • Log in and navigate to Settings then select Policies
  • Select Credit Product Policy then open the Policy to be amended
  • At the Loan Charges section, payment mode should be “Payment Upon Delayed Repayment”
  • Under the tab “Recurring Frequency Type” select the desired period i.e. daily/weekly/monthly etc.

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