Epic:
SM-960
-
Repay an overdraft before 60th day
Done
Priority: as per Jira
Effort estimate: as per Jira
Review status: ready to review
Role: system
Objective: if user is late with OD repayment, a fixed fee has to be added to his loan
Reason: to motivate people to repay on time
Functional requirements: pls see the technical documentation here Loans Technical documentation
UI requirements:
Be transparent at all time with the client, that a fee will be applied if he/she’s delayed with repayment
Fee should always be displayed, not just mentioned. Always in pesos amount and not in %
Fee should be displayed already when user is getting the loan and should not change during the lifetime of the loan.
On the overdraft activity screen, the fee should be a separate item and not added to the outstanding loan. So for a $250 OD, the ‘upcoming payment’ part in activity should have the following items:
During grace period:
$250 loan
Missing the first due date:
$250 loan
$3.5 late fee
Missing the second due date:
$250 loan
$3.5 late fee
$…. daily accrued fee
Process flow:
#3 in the workflow Overdraft Technical documentation, the unhappy path if customer does not have enough balance to repay the loan on time, including both scenarios
Has enough balance to cover the fee
Has no balance to cover the fee
Execution steps: pls see the technical documentation here Loans Technical documentation
Internal dependencies:
n/a
External dependencies:
n/a
Alternative scenarios:
No alternatives, OD can not be offered without such fee
Acceptance criteria:
Fee could increase if the OD amount if increasing, it's based on product parameters
Fee is booked after 1 month, if no early repayment was done
Holidays, weekends will not be considered, due dates are not going to move
SaFi can create payment holidays, this will of course move the fee booking
If the fee can not be autodeducted, the logic of posting against the main account should be the same as with any other delayed payments. Covered in another Epic due to its complexity.
Links to wireframes/UI: https://www.figma.com/file/0LEEFZgkUnPkPTkY9PMREt/SaFi---WF-%26-UI-(Shared)