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.

Similar Posts

Importing Multiple Fixed Deposit (FD) Accounts for the Same Member

ByJoy Kemunto Mogeni

The system has been enhanced to allow the import of multiple Fixed Deposit (FD) accounts with the same product name for a single member, offering greater flexibility in managing FD accounts. Follow the steps below to execute the process: By following these steps, you can easily import multiple FD accounts for the same member, streamlining…

Backdating Loan Disbursement Transactions:

ByJoy Kemunto Mogeni

Wakandi CAMS has the ability to backdate loan disbursements! This ensures that loan repayment schedules now accurately reflect backdated transactions, enhancing record accuracy and customer trust. Watch the DEMO below to learn the steps in detail (best viewed in full screen). Steps to Use the Backdated Loan Disbursement Feature:

Managing Multiple Fees Per Loan Application

ByJoy Kemunto Mogeni

Wakandi CAMS gives provision to add multiple fees to a single loan application and manage them seamlessly. Borrowers can repay all associated fees in a single transaction through the teller module. How to Configure the Multiple Fees In the Teller module, all applicable fees for a loan will be displayed for streamlined payment processing.

Flexible Loan Guarantor Options

ByCatherine Ojiambo

This feature that allows users—both admins and members—to combine self-guarantors (loan owners), member guarantors, and collateral during loan creation. This added flexibility simplifies loan guarantee management while offering members more options to secure their loans. Key Scenarios for Implementation: Setting Up Flexible Guarantor Options: This feature empowers organizations to tailor loan guarantees based on their…