Loan Top-Up with Adjustable Outstanding Amount
Previous Implementation:
When a loan was topped up with an additional amount, the loan application would enter a pending state with a new principal amount calculated as:
(Outstanding principal + Additional amount). After approval, the previous loan status would update to “New” with the adjusted principal amount.
The following are steps of the new implementation.
- Log in to the Wakandi Admin Panel then go to clients
- Select the client you want to add the loan top up application
- After the client page opens on the top bar, you will select loans
- Scroll down to select the loan you want to apply loan top up on
- Then, on the top right corner you will see button labelled Loan Top-Up and click on it
- Fill in the important information, being the additional amount. If the additional amount is going to be higher than the pending principal, then you should select the new added feature (Adjust Existing Loan Outstanding Amount) This will allow you to pay the pending principal, and the disbursement will be the remaining amount.
- As in the demo screens, the pending principal is 267500 additional and the amount is 350000 but Adjust Existing Loan Outstanding Amount has not been selected yet, hence the amount to be disbursed will only be Additional amount.
- After selection of the Adjust Existing Loan Outstanding Amount check box then the pending principle will be deducted from the added amount, and the remaining amount will be the amount to be disbursed.