Simulate Preclosure of Loan Account

Introduction

This screen allows the user to simulate pre-closure of loan account. The user can submit the request online.

On providing all the required details and clicking on the Continue button all the necessary validations are performed and on success, confirmation page is displayed without authorization details.

The status of the 'Simulate Loan Account Preclosure' is displayed as 'Suspect'.
If the' Simulate Loan Account Preclosure' requires audit, the details of the same can be audited.
If limit needs to be consumed for 'Simulate Loan Account Preclosure', then the user and corporate limits are consumed for a corporate user and the user limits are consumed for a retail user.
Submitted request is sent to the backend server and the status is updated as 'SUB' (Submitted).
An alert is also sent to the user.
The simulated preclosure details is displayed in the same screen.

Where Authorization, Approval is not Required but RM Approval is Required

The submitted request is sent for RM approval.
The status is updated as 'Waiting for RM Approval'.
An alert is sent to the RM.
On success, the message 'Your request has been successfully submitted. Your reference ID is : $RQST_SRL_NUM$. RM approval is pending for this request' is displayed in the Service Requests List screen.

Where Authorization is not required and Approval, RM Approval is Required:

In case of corporate user, request will be sent for user approval and for retail user, the request will be sent for RM approval and an alert will be sent to RM.

Navigation

Select the Simulate Preclosure of Loan Account option in the More Actions drop-down and click OK in the View Loan Accounts screen.

The Simulate Preclosure of Loan Account 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

Closure Date

The suggested loan closure date. Select the date from calendar widget. This is a mandatory field.

Click	To
Continue	To initiate the simulation. The screen with the preclosure details will be displayed in the below table.
Back	Return to the previous screen.

Field	Description
Simulated Preclosure Details Note: All are display fields.
Net Payoff Amount	The net amount to be paid for closing the loan.
Interest Rate	The rate of interest applicable for the loan.
Pending Principal	The principal amount due at the time of preclosure.
Bank Charges	The Bank charges applicable for preclosing the loan.
Interest	The interest amount applicable to be paid.
Interest calculated till Date	The interest due till date.
Other Charges	Any other charges applicable for preclosure.
Pending Fee	If any fee is pending to be paid.
Prepayment Fee	The amount of preclosure fee payable.

Click	To
Download Details As	The details displayed can be downloaded by the retail user in the required format as given in the drop-down.
Back	Return to the previous screen.