Loan against RD in DOP Finacle
A
customer has a RD account He/She wants a loan/half withdrawal against
his account.How we will sanction the Loan/half withdrawal against RD is
explained in this post step by step.
Loan/Half withdrawal against RD:-
- Only one loan/half withdrawal against RD account will be allowed during the tenure of the account.
- For loan/half withdrawal against RD, amount not exceeding the 50% of the outstanding balance in the account can be sanctioned minimum after one year of A/c opening where minimum twelve deposit installments are collected.
- Loan\Half withdrawal against RD should be in multiple of Rs 5/- and should be repaid either in lump sum or equal monthly installments.
- The number of loan/half withdrawal installments shall not exceed the number of months remaining for maturity of the account or post maturity period for which account is continued.
- In case of repayment in one lump sum or equal monthly installments,interest shall be calculated on the amount of withdrawal for full calender months from the month of withdrawal to the month of repayment irrespective of the date on which the amount is withdrawn or repaid.If the repayment with interest is made on or before 10th of a month, no interest shall be payable for that month.
- Loan accounts can be opened for individuals or joint holders based on the RD accounts mode of operations.
CAOLARD:-Stands for Loan against RD Account Opening menu
- Invoke the menu option CAOLARD then the system will ask to enter the following as shown
- Enter the RD account number of the customer then the system will automatically auto fills as shown in the following figure
Then click on Go then the system will ask to select the following
- Select the installment frequency i.e., in Finacle we have two modes they are
- Bullet frequency and
- Monthly frequency.
Bullet Frequency :-
In this mode the customer need to repay the amount at once i.e., the lump sum mount should be repaid in 1 installment only.
Monthly Frequency:-
In this mode the customer can choose the number of months he is willing to repay the loan amount as per the desired loan amount.
- Enter the loan amount as shown in the figure.
Then
finally click on submit then the system will generate the RD loan
account number suffixed by 1 to the original account number.
Verification of RD loan account:-
- The menu option for verification of RD Loan account is CAOVLARD.
- CAOVLARD means Loan Account Against RD Verification
- The process of verifying the loan account is invoke the menu and select the function as "Verify" and enter the loan account number as shown
then view the details entered by the counter clerk then finally click on submit
