07 September 2009 ~ Comments Off

Loan Repayment Instruments

RiseMoney allows the follows instruments to collect loan repayments.

  1. Cash (or Non-PDC): Customer brings in cash at regular intervals to repay the loan.
  2. ECS (Electronic Clearing system): Customer allows the business to withdraw specific amounts (EMI) at specific intervals directly from their bank account.
  3. Bank Cheques (Post Dated Cheques/PDCs): Customer gives post dated cheques to the business for EMI amount on due dates.

During normal operations, the business will post PDCs to the bank, make monthly ECS requests, wait for cheque clearance or re-post the cheque in case of bouncing.

Repayment mode is set on the loan case at the time of activation. You can perform normal processes like changing the repayment mode, add additional PDCs, update PDCs etc for Loan Repayment instruments during the life cycle of the loan case.

Note: Cheque numbers must be 6 digits or more. In case of cheque being less then 6 digits, they must be zero-padded. e.g. 000897.

For a PDC repayment mode case: On an active loan case page, select the ‘PDC’ tab and click ‘Add Cheques’ button to add the PDCs. Provide common cheque information and enter a series of PDC details easily. (Cheque numbers are generated automatically in a sequence).

You can also enter ECS details to generate the ECS sequence in case of ECS repayment mode.
You need to provide only four basic details from ECS mandate form i.e Customer Bank Account Number, ECS code, Drawee and Posting bank. RiseMoney will automatically generate the scheduled repayment entries for the case.

If you can't see the video above, visit http://screenr.com/W08

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