The Repayment Interval Feature

The repayment interval feature enables users to customize both the repayment intervals and the frequency of payments within the loan duration.

For instance, for a loan with a 12-month duration, this feature allows you to set the repayment interval to 4 and the frequency to monthly. This means the customer will need to make repayments every 3 months, resulting in 4 intervals over the 12-month period.

How to Configure a Repayment Interval on a Loan Product

• Log into the admin portal and click on the loan products tab
• Select your preferred loan product and click on Edit

• Navigate to the Financials section and 
• Input a loan interval (1,2,3 etc.)

• Select a loan repayment frequency from the dropdown (daily, weekly, monthly or one-off)

• Click the continue and complete buttons to save the changes 

On the customer portal, the repayment breakdown will reflect the configured interval and frequency of the loan product.

The repayment breakdown on the admin portal will also reflect the same.

Please take a look at the video below for clarification on how to configure this feature.

Note:

The number of intervals inputted should not exceed the configured loan duration. For example, if the loan duration is 12 months, the interval should be between 1-12.