Minimum bill amount to avoid late fee

Lenders can specify the minimum amount that a borrower must pay against a bill to avoid incurring a late fee. The minimum amount may be specified as a fixed amount or a percentage of the bill amount. This can be a part of the lending product definition or specified during contract creation. The value specified in the contract overrides any value specified for the lending product. 

To define the minimum amount at the lending product level, two fields - Default Minimum Amount Due, and Minimum Amount Due Type - are added to the New Lending Product page.

To define the amount at the contract level, The Minimum Amount Due - Details section with two fields - Default Minimum Amount Due, and Minimum Amount Due Type - are added to the Create Loan Contract page.

For more information on these fields, refer to the section Loan in the CL Loan Administration Guide and section Creating a Loan Contract in the CL Loan User Guide.

If this field is not visible on the interface by default, you can add this manually on your page layout. For more information on adding these fields to the page layout, refer to the section Modify the Page Layout. 

Recommended layout

The following images display the suggested layouts:

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