Pay Off Self-Guaranteed Loans with Blocked Amount
Users now have the option to settle their self-guaranteed loans by utilizing the blocked amount, offering them greater flexibility in managing loan repayments. This approach allows borrowers to tap into funds that were previously set aside or restricted, thereby providing an alternative way to make payments without needing to access additional cash or assets.
It ensures that users can meet their repayment obligations while maintaining control over their finances.
Steps
- Log in to CAMS
- Select Transactions
- Click on Teller, select Client Ledgers
4. On account type, select Loan
5. On Transaction type, select Repayments
6. On account details, the credit account should be the Loan Account Number
7. On the account details, transaction mode is Transfer
8. On the debit account, select current outstanding or partial payment
9. Tick the check box of use Block Amount
10. Click on Submit, the blocked funds will pay off the loan.