Viewing available amount for funding and withdrawal
Available amount for funding an LOC is the total amount made available to the borrower for future disbursal. This field is under the Activity section of the loan details page. It includes the current credit limit plus any excess payment made by the borrower on the next disbursal the borrower can withdraw the total amount which includes the excess amount. The borrower is not charged interest on the excess amount withdrawal.
Examples:
An LOC is created with a credit limit of 10,000. The amount disbursed is 10,000. However, the borrower makes a payment of 10,500. After payment clearance, the available amount for next funding is 10,500.
Suppose borrower has to make a payment of 480 but pays 500 as a round off amount. The excess amount paid is 20. The excess amount gets added to next available amount for funding.
Available amount for withdrawal on a LOC
While disbursing the next payment, the transaction amount includes the total available credit limit plus the excess amount, if any. You can view the available amount for withdrawal under the activity section of the loan details page.
Prerequisites
The following are the prerequisites to viewing available amount for withdrawal:
Loan is disbursed.
Steps
Perform the following steps to view available amount for withdrawal:
Log in to your Salesforce account.
Click CL Contracts.
Click on the CL Contract ID.Details page is displayed.
Scroll down to the Activity section. The Available Amount for Next Funding field displays the amount available for next funding, which includes the excess amount, if any.
Available amount for funding an LOC is the total amount made available to the borrower for future disbursal. This field is under the Activity section of the loan details page. It includes the current credit limit plus any excess payment made by the borrower on the next disbursal the borrower can withdraw the total amount which includes the excess amount. The borrower is not charged interest on the excess amount withdrawal.
Examples:
An LOC is created with a credit limit of 10,000. The amount disbursed is 10,000. However, the borrower makes a payment of 10,500. After payment clearance, the available amount for next funding is 10,500.
Suppose borrower has to make a payment of 480 but pays 500 as a round off amount. The excess amount paid is 20. The excess amount gets added to next available amount for funding.
Available amount for withdrawal on a LOC
While disbursing the next payment, the transaction amount includes the total available credit limit plus the excess amount, if any. You can view the available amount for withdrawal under the activity section of the loan details page.
Prerequisites
The following are the prerequisites to viewing available amount for withdrawal:
Loan is disbursed.
Steps
Perform the following steps to view available amount for withdrawal:
Log in to your Salesforce account.
Click CL Contracts.
Click on the CL Contract ID.Details page is displayed.
Scroll down to the Activity section. The Available Amount for Next Funding field displays the amount available for next funding, which includes the excess amount, if any.