SaFi Bank Space : 1. Overdue Loan Products - product behavior

On-time expected behavior

Overdue / Late product

Overdraft

More info:

Product: Overdraft (=FundTawid)

Overdue overdraft requirements, after 60 days

The Overdraft product has 2 main repayment periods:

1. Grace period (30 days after product setup). During the Grace period the client can Topup the amount up to the pre-approved limit.

2. Extension period (additional 30 days): if the client doesnt repay the OD by himself, then a loan extension fee will be autodeducted at the begining of the period and the client gets additional 30 days to repay the OD.

3. Account is not delinquent if the amount of OD is not repaid, but only the fee.

User 893ea is the product delinquent if the late extension fee is not paid?

After 60 days, the client will need to reimburse the full debt. In case this is not possible, the OD account will be marked as delinquent.

client changes expected:

• the client will not be able to open another loan product when delinquent

• the client will be notified about this delinquency and the importance of repaying the debt as soon as possible.

• The client will be immediately charged a past due monthly interest calculated using all the unpaid amounts (sum of fees and balances), as a %, posted in advance for the next 30 days.

• Whenever money will be available on the main account, the debt will be covered (partially or fully).

Personal Loan

More info:

Product: Personal loans

Automatic deduction of loan payments

The personal loan product is characterized by:

• one time disbursement

• Periodical (monthly) repayments consisting of scheduled amounts of:

  • Principal reimbursement

  • Interest

  • Possible fees

• The Personal Loan clients have the possibility to early repay (partially or fully) as well as pre-pay monthly instalments, based on their financial status and wish.

In terms of delinquency, the product is considered delinquent the at the time when the client doesn’t repay the scheduled due payment.

The repayment period for each instalment is 1 day. If after this period the money are not fully covered, the account will be marked as delinquent and DPD count should start, until the debt will be repaid.

Anytime there will be funds available on the Main account, the deduction of the debts will be done automatically, and will cover the debts based on the pre-set allocation order. Automatic deduction of loan payments