Initiate Loan Redraw

Introduction

For EI loans, customer would be paying the same amount in every installment. At times, customer may pay more than the installment amount, which will be in addition to the demand made by the bank.

This screen allows the user to redraw the amount paid extra. User can do a self transfer or can redraw and pay to a counterparty registered.

There is a built-in validation to check whether the loan account selected is enabled for Redraw functionality or not. If not the system would display appropriate error message.

Navigation

• Click Initiate Loan Redraw in the Transaction Management menu option.

• The Initiate Loan Redraw screen is displayed.

What you can do

The table below provides a brief description of the data that should be entered on the screen and the functions you can perform:

Field

Description

COMMON  DETAILS

Frequency Type

There are two options:

• One time

• RecurringIf the Frequency Type is selected as ‘Recurring’, then the following additional fields are to be provided in addition to the transaction date and transaction currency:
  Frequency -This can be ‘Daily’ or ‘Weekly’ or ‘Monthly’ or ‘Yearly’ or ‘Quarterly’. Based on the requirement, the frequency can be chosen.
  Number of installments - Provide the number of times the funds transfer has to be recurring
  Validity Indicator - This decides when the transfer needs to be initiated in case the date of recurring falls on a holiday. The possible options are:
  Next Valid Date
  Previous Date
  Skip

Note:

After selecting the type, Go button has to be clicked. Accordingly the fields in the page will be displayed.

Transaction Date

Select the date of transaction from the calendar widget.

Note:

This field would not be available in case of recurring transactions.

Start Date

Select the start date of transaction from the calendar widget

Note:

This field would be displayed only if the frequency type is Recurring.

Frequency

From the drop-down list, select the frequency based on which the next recurrence is decided.

Valid Values:

Daily

Weekly

Monthly

Quarterly

Yearly

Note:

This field would be displayed only if the frequency type is Recurring.

Number of Installments

Specify the number of time the transaction has to be occurred.

Note:

This field would be displayed only if the frequency type is Recurring.

Validity Indicator

Select the date from the calendar widget. If the transaction date falls on a non working date, the action will be performed based on the value captured here.

Valid Values:

Next Valid Date

Previous Valid Date

Skip

Transaction Currency

From the drop-down list, select the transaction currency.

Manual Release Required

The retail user can select this check box in case, the user wants to hold the transaction for some reason and later release the transactions for posting.

Initiator Details

Account

Displays the loan account number from which the loan redraw is to be done.

Transaction Reference Name

Type the reference name for the transaction, which can be used for retrieval of the transaction details in the future.

Note:

This is a text field and there will not be any validations on this field.

Counter party Type & Nickname

Counterparty Type & Nickname

From the drop-down list, select the counterparty.

Network

Select the network to be used for performing the transaction.

Amount

Enter the amount of the transaction.

Note:

During initiation & Modification of Transaction, Transaction Amount will be validated against the Minimum / Maximum Loan Redraw Amount and errors thrown accordingly.

Remark

Provide the transaction remarks.

Transaction Purpose

From the drop-down list, select the appropriate purpose for the funds transfer transaction.