Can i set up a penalty charge for overdue loans?

An admin can define penalties to occur on overdue loans.

1. Log in to the Wakandi Admin Panel.

2. Go to Settings menu choose Policies, and then Credit Product Policy.
3.  Click on the pen icon on the product you want to edit.

4. Under Loan Charges, you can define the penalties.
a) Choose payment mode; Payment Upon Repayment
b) Choose the Charge name
c) Choose to use a fixed amount or percentage for the penalty.
d) Set the penalty value.

Example 1: Payment upon delayed repayment is defined with a fixed charge amount on 5000
Example 2: Payment upon delayed repayment is defined as a 1% percentage charge based on due principal, interest, and fees.

5. Click Submit, and the policy is sent to the Board of Directors for approval.
After approval, the new charges will take effect.


Read more about policy approval