Penalty

The Penalty Page allows you to set up and manage penalty fees for overdue payments or breaches of financial agreements, such as loans or credit accounts. You can define penalties with various configurations, such as charging for overdue principal, interest, or other components.

Accessing The Penalty Page

1. Log into the application using your credentials.

2. From the dashboard, navigate to Accounts in the side menu.

3. Select Penalty from the dropdown list.

Creating A New Penalty

To create a new penalty, follow these steps:

1. Click the Add button to open the penalty creation form at the top of the Penalty Page,

2. Fill in the fields:

   • Name: Enter a descriptive name for the Penalty (e.g., “Loan Overdue Penalty”).

   • Charge Frequency: Select how often the Penalty will be charged (e.g., daily, weekly, monthly).

   • Charge Type: Choose either a Flat Amount or a Percentage.

   • Penalty Value: Input the amount or percentage to be charged (e.g., 2% or ₦500).

   • Maximum Charge Amount: Enter the maximum limit for the Penalty (e.g., ₦5,000).

   • Minimum Charge Amount: Enter the minimum limit for the Penalty (e.g., ₦100).

   • Apply Penalty Toggles.

     • Apply Penalty On Due & Unpaid Principal: Toggle this on if you want penalties applied to unpaid principal amounts.

     • Apply Penalty On Due & Unpaid Interest: Toggle this on if penalties should apply to unpaid interest amounts.

     • Apply Penalty On Due & Unpaid Penalty: Toggle this on to apply penalties on previously unpaid Penalty charges.

     • Apply Penalty On Due & Unpaid Loan Fees: Toggle this on if penalties should apply to unpaid loan fees.

3. Click the Save button to store the new penalty configuration.

4. Confirm the action by selecting “Yes, I want to proceed.”

Modify A Penalty

Here's how to modify a penalty below:

1. In the Actions column, click the three vertical dots (⋮).

2. Select Modify from the dropdown menu.

3. Update the necessary Penalty details.

4. Click Update to save and apply the changes.

5. Confirm the action by selecting “Yes, I want to proceed.”

Activate/Deactivate A Penalty:

To activate/deactivate an existing Penalty:

1. In the Actions column, click the three vertical dots (⋮) next to the Penalty you wish to deactivate.

2. Select Deactivate from the dropdown menu.

3. Confirm the action by selecting “Yes, I want to proceed.”