Manage premature repayment for instalment plans

Premature repayment means repaying an instalment plan before its scheduled end date. Before you can begin making premature repayments, you need to set up a few required configurations.

Configuration steps

Complete the following configuration steps if you have enabled premature repayments for the instalment plan.

Set fee type

If you would like to apply the fee for premature repayment, you must define it as the INSTALMENT_PLAN_PREMATURE_REPAYMENT_FEE fee type in the credit contract price list.

For more information on configuring fee types, please refer to Fee types.

Define receivable rules

Define receivables for premature repayments by following these steps to establish receivable formation and line rules for premature repayment.

Receivable formation rules for premature repayment of instalment plans

The following receivable formation rules for premature repayment invoice of instalment plans need to be added:

Component	Source name	Description
INSTALMENT_PLAN_PRI	CARD.INSTALMENT_PLAN	Instalment plan principal.
INSTALMENT_PLAN_INT	CARD.CONTRACT_INTEREST	Instalment plan interest.
INSTALMENT_PLAN_PREMATURE_REPAYMENT_FEE	CARD.FEE_BOOKING	Instalment plan premature repayment fee.

For more information on configuring receivable formation rules, please refer to card credit product receivable formation rules.

Receivable line rules for premature repayment of instalment plans

The following line rules for premature repayment invoice of instalment plans are as follows:

• INSTALMENT_PLAN_PRI

• INSTALMENT_PLAN_INT

• INSTALMENT_PLAN_PREMATURE_REPAYMENT_FEE

For more information on configuring receivable line rules, please refer to card credit product receivable line rules.

Perform premature repayment

To perform a premature repayment:

1. Go to the main menu and select Cards > Search > Credit contracts.

2. Select or search for the contract where you want to perform a premature repayment.

3. Select Instalment plans from the left content menu.

1. Find the instalment plan to repay and click on it to access the instalment plan details.

2. Click Repayment.

1. Insert the amount for instalment plan repayment. Add details or apply fee if necessary.

1. Click Submit to perform a premature repayment.