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:
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.
