Display for Total Interest and Outstanding Balance
A new enhancement in the system now enhances the display of interest and outstanding balances, ensuring clearer financial information and preventing overpayment. This improvement allows users and tellers to see only the principal and accrued interest up to the current date, rather than the total interest for the full loan duration.
With this update:
✅ The Total Due Interest will now only reflect interest accrued up to the current date instead of the full loan term.
✅ The Total Due Charges will remain unchanged, displaying any applicable fees over the full loan duration.
Key Changes
- Online Transaction View: The total outstanding balance now reflects Principal + Accrued Interest (up to the current date) for accurate payment tracking.
- Teller View: The display is now consistent with the Online Transaction View, showing the exact amount due without future interest included
- Loan Schedule Update: The loan schedule now accurately reflects interest accrued only up to the current date, avoiding confusion in repayment calculations.
Key Benefits
✔ Prevents Overpayment: Users will only pay for the actual outstanding balance, not future interest.
✔ Increases Transparency: Users and tellers will now have clearer visibility into loan obligations.
✔ Ensures Consistency: Interest and outstanding balances will be calculated uniformly across all views.
This update provides a more accurate and user-friendly experience, ensuring that financial institutions and their members can manage loan repayments with greater confidence.