Adding a repayment method is a critical step in the loan booking process, as it determines how loan repayments will be collected from the borrower.
By setting up a repayment method during the loan booking process, organizations can ensure timely and efficient repayment tracking, reduce manual follow-ups, and enhance the borrower’s experience. This guide provides a step-by-step approach to adding a repayment method while booking a loan, enabling smooth financial operations and compliance with repayment terms.
Steps
To add a repayment method while booking a loan, please follow the outlined steps:
Navigate the 'Products Management' Section
Click on 'Loan Products' and select the offline loan product you would like to select a repayment method
Click on the 'Product Attributes' section
Navigate to 'Repayment methods' and click on “Edit”
To edit, select your preferred repayment method and 'Submit'
While manually booking a loan for a user that already exists on your organization, input the borrower’s details
Select the repayment method and proceed to “Book New Loan”.
