Ara Release Notes

Interest Posting Transaction

For interest posting enabled loans, an Interest Posting Transaction (IPT) is created on every interest posting date (specified on loan contract) to indicate the interest accrued till that date, which is due from the customer.

Investment Order

Investment Order is the investor's commitment to invest in a particular loan.

Investor Payout job

The Investor Payout job is used to update the investment amount that is used to be paid to the investors, on the Investment Order.

Interest Accrued

Interest Accrued is the interest that has been incurred on a loan or other financial obligation but has not yet been paid out.

Investment Order Interest Accrual Job

The Investment Order Interest Accrual Job is run independently to accrue interest for all investment orders on daily basis.

Maintain Delinquency flag

Delinquency flag value means the time period a cardholder has been delinquent. Select the Maintain Delinquency check box to maintain the delinquency of a contract.

Prepayment Penalty Fee

Prepayment Penalty Fee is a fee that a lender may charge when a borrower repays the loan before the scheduled maturity date or repays more than the due at that point in time.

Backdated Payoff Quote

A backdated payoff Quote can be generated on a date that is in the past and is greater than the Last Accrual Date (LAD). This quote is calculated for a period starting from the next day after the LAD to the payoff quote date.

Future Dated Payoff Quote

The future dated payoff quote can be generated for a date in the future with an option to select if the bills and fees are going to be paid on time.

Interest Posting Transaction

For interest posting enabled loans, an Interest Posting Transaction (IPT) is created on every interest posting date (specified on loan contract) to indicate the interest accrued till that date, which is due from the customer.

Interest Accrued

Interest Accrued is the interest that has been incurred on a loan or other financial obligation but has not yet been paid out.

Installment Payment

Installment payment is the regularly scheduled payment that includes repayment of a portion of the principal amount borrowed, and also the payment of interest on the debt.

From the Hydrogen release, borrowers can repay the future schedules in advance at any point in time in Flexible-AMZ type loans irrespective of the due date. This feature allows the lenders to collect payment for future installments including principal and interest. This is achieved by closing the interest posting transaction by calculating the extra interest expected to be posted from the current date to the installment date. Until the installment date, the loan account is locked and no other loan actions, such as rate change and term extension can be performed.

For this option to be available, the Installment Payment flag must be enabled.

Application Date

Application Date is the date of contract creation.

Contract Date

Contract Date is the date of first disbursal.

Loan Payment Transaction (LPT)

During the life of the contract, borrowers make payments against bills and charges created against the loan. Every borrower payment in loan is recorded as a Loan Payment Transaction.

Reschedule Threshold Crossed flag

This flag is a field in the Loan Payment Transaction object. It is set to true when the Transaction Amount on the LPT for a loan is higher than the predefined reschedule threshold value resulting in the triggering of the rescheduling of that loan.