How to activate Top -up loans

How to activate Top -up loans

TOP UP LOANS is a feature that allows customers to take another loan even when they have an existing
one. To activate, as shown below.

This feature is particularly useful for your good customers when they’ve an emergency during the loan period.         Below are steps to activate this feature:     

  1. Go to Set up on the left Menu drop down
  2. Click on Setup
  3. Select app settings
  4. Click on Loan Settings Tab.
  5. Scroll down past Lending Rate settings, you’ll see top-up loan settings.
  6. Check the checkbox written Enable-Top-up Loans (as shown on the screenshot below)
  7. There are a few ground rules you might want to consider. To allow customers add on to a loan, there are a few options on the check boxes.Top up loans issued for loans less than a specific number of overdue days. If for example you set 0 overdue days, then a customer who is due by a day or more does not qualify for a top up loan.
    • Top up loans will be issued for
    • i. Normal loans                                                                                                                                                     
    •   ii. Rollover loans                                                                                                                                                     
    • iii. Top up loans
  • Normal loans – A customer who has a loan already can take up another, within their loan  limit and within the limit of the days overdue. According to your settings on the overdue days.
  • Rollover loans– Ticking on this box means that for any rollover loan , the customer is still then able to access a top up loan, as long as it lies in their loan limit balance.
  • Topup Loans– If a customer has a normal loan already, and before clearing it he takes another (in this case a top up loan) but still has a remaining amount from their limit, then the customer can take another loan. on top of a top up loan.
            

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