Late Charges Scheme Function - Fields Description

At this function, user will come across various fields or columns that needs to be maintained with relevant data.

The descriptions of the respective field or column, are as follows:-

Late Charges Scheme List (Panel)

<Late Charges Scheme Search> (Sub-Panel)

Description

This is the name of the respective late charge (penalty) scheme.

Penalty Type

This is the charge type contained in the late charges (penalty) scheme, e.g., LC - Late Charges/ Compensation, or PTY - Penalty Charges.

Scheme Code

This is the code associated with the respective late charge (penalty) scheme.

<Late Charges Scheme List> (Sub-Panel)

Scheme Code

This is the code associated with the respective late charge (penalty) scheme.

Description

This is the name of the respective late charge (penalty) scheme.

Penalty Type

This is the charge type contained in the late charge (penalty) scheme.

The options, are as follows:

  • PTY - Penalty Charges

  • LC - Late Charges/Compensation

Status

This is the status of the respective late charge (penalty) scheme.

The options, are as follows:-

  • A - Active (The scheme will be made available for selection at other related function)

  • I - Inactive (The scheme will not be made available for selection at other related function)
Late Charges Scheme Details (Panel)

Scheme Code

This is the code associated with the respective late charge (penalty) scheme.

Ccy

This is the currency (e.g., USD - US Dollar, and MYR - Malaysian Ringgit) of the respective late charge (penalty) scheme.

Penalty Type

This is the charge type contained in the late charge (penalty) scheme.

The available options, are as follows:

  • PTY - Penalty Charges

  • LC - Late Charges/Compensation

Description

This is the name of the respective late charge (penalty) scheme.

Effective Date

This is the date that the late charge (penalty) scheme will be made available to be tagged to other functions or product parameters for use.

Status

This is the status of the respective late charge (penalty) scheme.

The available options, are as follows:-

  • A - Active (The scheme will be made available for selection at other related function)

  • I - Inactive (The scheme will not be made available for selection at other related function)

Charge Based On

This is the base amount type, to be used to compute the late charge (penalty) amount.

The available options, are as follows:-

  • 1 - Amount Overdue (P + I)

  • 2 - Amount Overdue (P only)

  • 4 - Total Principal O/S

  • 5 - Not Applicable

Grace Period

This is the number of days after which late charge (penalty) will be imposed.

Note: During the grace period right after the due date if no repayment, late charges (penalty) will not be charged yet. However, after the grace period, late charges (penalty) will be calculated and charged from the day since repayment past due.

Minimum Amount

This is the minimum amount of late charge (penalty) to be charged or waived (dependent on the option selected at the 'Waive/ Charge Amount' field) in the event that the late charges (penalty) amount is less than the minimum amount, maintained.

Waive/ Charge

This is to indicate whether the system is to charge the minimum late charge (penalty), or waive the actual late charge (penalty), in the event the actual late charges (penalty) amount is less than the minimum amount, maintained.

The available options, are as follows:-

  • C - Charge

  • W - Waive

  • X - Not Applicable

Note:

  • This field will only be enabled for data input after user has inputted the value for the 'Minimum Amount' field.

  • If no value inputted into this field, then system will automatically set the value of this field to the 'X - Not Applicable' option.

Charge Method

This is the manner to charge the late charge (penalty).

The available options, are as follows:-

  • A - Fixed Amount

  • D - Other Rate

  • F - Fixed Rate

  • P - Prevailing Rate

Fixed Amount

This is the fixed amount of late charge (penalty) to be charged.

Note: This field will only be enabled and mandatory for data input, provided the charge method is 'A - Fixed Amount'.

Fixed Rate

This is the fixed rate value to be used for the computation of the late charge (penalty).

Note: This field will only be enabled and mandatory for input, provided the charge method is 'F - Fixed Rate'.

Account Margin Rate

This is the margin rate to be used for the computation of the late charge (penalty).

Note: This field will only be enabled and mandatory for input, provided the charge method is 'P - Prevailing Rate'.

Rate Code

This is the rate code to be used for the computation of the late charge (penalty).

Note: This field will only be enabled and mandatory for input, provided the charge method is 'D - Other Rate'.

Rate

This is the rate value associated with the rate code value selected at the 'Rate Code' field.

Note: This field will only be applicable for data input, provided the charge method is 'D - Other Rate'.

Margin Type

This is the type of the margin rate value to be used.

Presently, the only possible values that can be selected is the 'A - Absolute' option.

Note: This field will only be applicable, provided the charge method is 'D - Other Rate'.

Margin Rate

This is basically the cost of borrowing to be used for the computation of the late charge (penalty).

Note: This field will only be enabled and mandatory for input, provided the charge method is 'D - Other Rate'.

Total Rate

This is the sum of the 'Rate' value, and the 'Margin Rate' value.

Note: This field will only be applicable, provided the charge method is 'D - Other Rate'.