Delinquency management

Delinquency Management is the management of the process of recovering amount owed to a firm by its customers. When the payment on an account is past the due date, the loan account is considered to be delinquent and the payments made past the due date are also called late payments. Any payment that is late even by a day may be considered delinquent or late, and it will probably attract hefty fees and interest charges, lowering the credit score of the borrower. This can directly affect the approval of loans to be applied in the future.

CL Loan allows you to control the delinquent status of such an account using Payment Tolerance, Delinquency Grace Days and Delinquency Payment Plan.