Waive Off Interest on Loan Closure for Cash-Type Loans

ByAmiri Sadiki Likati

Overview

This functionality allows users to waive both accrued and unaccrued interest when closing a “Cash” type loan. This simplifies loan settlements and provides greater flexibility in loan management.

Users handling loans under a “Cash” loan product now have the ability to waive off accrued and unaccrued interest upon loan closure.

Steps to waive both accrued and unaccrued interest on a “Cash” type loan:

  1. Go to Accounts, then Loans, and search for the specific loan you want to close and click on close loan

2. Tick the option for Waiving Off Interest/Accrued and click OK to apply the changes

Once you’ve selected the option to waive the interest and clicked OK, finalize the loan closure process. The loan will be closed without any interest charges, and the settlement will be complete.

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