The following blog will preview how easy it is to apply Moratorium to your loan products using Finflux user interface.
Applicable Loan Products:
- Declining balance
- Declining balance with Interest Recalculation
Steps to Navigate and apply the Moratorium:
- Login to the web.
- Select a client with an active loan.
- Open the loan account.
- Select a Repayment date to give the moratorium period.
- Select Reschedule from the loan Options.
- In the reschedule page Give the Reschedule date, submission date and select the type of Moratorium by selecting Introduce Mid-term grace periods.
- After giving the data submit it.
- After submitting the Preview page will come where we can check the Updated repayment schedule after the moratorium.
- Approve it.
- A new repayment Schedule should be generated with the given Moratorium period.
Impact areas to be tested:
- Loan Repayment schedule
- Loan Transactions
- Account details
- Maturity date