Cash Receipts

Earlier, any payment made by a borrower could only be toward a specific loan contract. For the borrowers with multiple loan contracts, it was a business overhead to make payments towards one loan at a time. To address this, the concept of Cash Receipt is introduced in the Virgo release of CL Loan. So, if a borrower has multiple loans, a financial institution may want to process the payments belonging to all the loans as a single transaction at the borrower level. The payment made, satisfies all the loan receivables first and then the loan non-receivables.

• Loan receivables: the sum of all the amounts that are billed and are unpaid.

• Loan non-receivables: the sum of all the amounts that are not billed but need to be paid to pay off the loan.