Repayment Schedule Types

1. Monthly as per repayment start date

If this option is selected a monthly repayment schedule is generated upon loan disbursement as per the repayment start date selected by the user. An example of this can be seen in the image below. For this option, there can only be one active repayment schedule at a time, so if multiple partial/tranches are disbursed for this schedule type then a new active repayment schedule is generated and the old schedule is marked as inactive. Here users can also change the frequency of payment to weekly, quarterly, or one-time instead of the monthly default.

2. Pro-rated calendar months

If this option is selected a monthly repayment schedule is generated upon loan disbursement with the payment details as per calendar months. In this option users also get to choose whether the payment date should be the "End of the current month" or "Start of the next month". An example of this can be seen in the image below. For this option as well there can be only one repayment schedule at a time.

3. Monthly as per cycle date

If this option is selected a monthly repayment schedule is generated upon loan disbursement as per the cyclic date selected by the user in the loan product, however the user can override this at the time of loan booking. An example of this can be seen in the image below. For this option as well there can be only one repayment schedule at a time. Here also users can change the frequency of payment to weekly, quarterly, or one-time instead of the monthly default

4. Line of Credit

This repayment schedule is useful for line of credit loans where an upper limit is sanctioned and multiple disbursements are made within the limit. For this repayment type there can be multiple active repayment schedules with different payment frequencies.