Penalty conditions

Penalty rates are used when the customer does not make the monthly minimum payment or makes a late payment on the credit card.

Click Add to define the penalty conditions for the credit product. The parameter details are as follows:

Field name
Type
Description

Penalty fee enabled

Checkbox

Select whether a penalty fee is applicable for the credit product.

If you select this option, enter values for the following parameters:

  • Penalty grace days* - Enter the number of days after the payment due date has passed when the penalty fee will be applied.

  • Penalty grace amount* - A maximum invoiced overdue amount at which the penalty calculation is not applied.

Penalty type*

List

Select one of the following penalty options:

  • PRI_P - The penalty rate is calculated based on the principal amount.

  • INSTALMENT_PRI_P - The penalty rate is calculated based on the instalment principal amount.

Default rate*

Number

Enter the default penalty rate.

Method*

List

Enter one of the following rate calculation methods:

  • Actual/360,

  • Actual/365,

  • 30/360,

  • Actual/Actual.

Click Add to add more penalty conditions. Click the cross icon to remove conditions.

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