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Loan Repayment with Teller

Overview​

The Loan Repayment with Teller feature processes customer loan payments at teller stations, accepting cash or checks to reduce loan balances while updating till balances and loan accounts.

What It Does​

Handles loan repayment transactions by accepting payment from customers, validating loan status, applying payment to principal and interest, updating till balance, and generating payment receipts.

Business Value​

  • Customer Convenience: Easy loan payment option
  • Revenue Collection: Ensures timely loan repayments
  • Accuracy: Correct allocation to principal and interest
  • Efficiency: Fast payment processing
  • Compliance: Documents payment history

Who Uses This Feature​

  • Tellers: Process loan payments
  • Customers: Make loan repayments
  • Loan Officers: Monitor payment activity
  • Collections Teams: Track repayment patterns

Key Capabilities​

  • Accept cash or check payments
  • Apply to any active loan
  • Allocate to principal, interest, fees
  • Process partial or full payments
  • Support overpayments
  • Handle multiple currency payments
  • Generate detailed receipts
  • Update loan schedule automatically

How to Use​

  1. Customer presents payment
  2. Search and select customer loan
  3. Verify loan is active
  4. View amount due (principal + interest)
  5. Enter payment amount
  6. Validate payment covers minimum due
  7. Accept cash or check
  8. System allocates payment automatically
  9. Update till balance
  10. Print detailed receipt for customer

Common Use Cases​

  • Regular Payment: Monthly loan installment
  • Extra Payment: Additional principal payment
  • Catch-Up Payment: Clear arrears
  • Payoff: Full loan settlement
  • Partial Payment: Less than full amount due

Important Considerations​

  • Payment allocation follows loan terms
  • Interest calculated to payment date
  • Partial payments may not reduce installment
  • Overpayments applied per loan agreement
  • Receipt shows allocation breakdown
  • Till must have capacity for cash payments
  • Late fees may be included automatically

Integration with Other Processes​

Works with:

  • Loan management system
  • Payment allocation rules
  • Loan schedule updates
  • Till balance management
  • Receipt generation