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- Following amounts can be waived:
- The fee due in next installment can be waived
- Note- System will allow waiving of total amount of fees due (i.e. all fee types + misc fee). Waiving of individual fee amount will not be permitted.
- The fee overdue (due to missed installments) can be waived i.e. the total fee overdue till the current date can be waived but partial amount or individual components of fee cannot be waived.
- Penalty due in next installment- That is, if any misc penalty has been charged to the account, it will be part of the next installment. This misc penalty, which is charged to the account and is due in the next payment, can be waived.
- Penalty overdue- Misc penalty charged during previous installments which were not paid, can be waived.
Note: waiving of partial fees/penalty will not be allowed. Also, waiving a particular component of penalty overdue (example, misc penalty, or penalty for installment #1 etc) will not be supported.
- Once an amount is waived, it will require following update
- Installment details
- Account summary
- Repayment schedule- In case, fee is waived, the amount under fee column should be updated
- “Waiving” is an activity and should be recorded in “Recent activity” and “Account activity”
- Transaction entry is not required when an amount is waived.
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