Editing and Customizing Repayment Schedules
  • 27 Oct 2021
  • 5 Minutes To Read
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Editing and Customizing Repayment Schedules

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  • PDF

Article summary

The "Edit Schedule" option is available for a loan account under the More options button, if the setup at the product level allows for it. For more details, please see Repayments Schedule Editing

To be able to edit a repayment schedule, you must have the Edit Schedule permission.

Editing Fixed Loan Schedules

To edit the schedule for Fixed Loans:

  1. Open the loan account.
  2. On the right-hand side of the screen, select More > Edit Schedule.
  3. Make the changes.
  4. Select Save changes.

Editing Repayment Schedule screen where Due Dates, Principal and Interest can be edited.

Please Note
You cannot increase the total interest, only decrease it. After making interest reduction changes on Fixed loans, the interest posted on the account will not match the interest rate of the product. The manual editing will override the automatically calculated interest.

Editing Dynamic Loan Schedules

To edit the schedule for Dynamic Loans:

  1. Open the loan account.
  2. On the right-hand side of the screen, select MoreEdit Schedule.
  3. Make the changes.
  4. Optional: Preview the changes you make to the schedule by selecting Recalculate.
  5. Click on Save Changes, which recalculates the schedule to reflect the changes and saves it immediately (with no option to review it before saving changes)
Please Note
  • You can't edit a schedule when the account is locked.
  • Paid installments and installments with Interest Applied transactions cannot be edited.
  • Partially paid installments (that don't have Interest Applied) can be edited.
  • You can't edit the schedule of a loan in the Approved loan account state.

Adjusting payment dates

The due dates for the installments must begin after the disbursement date and be always in an ascending order. There can be multiple installments due in the same day.

If the account is assigned to a Credit Arrangement, the last installment due date will be validated against the Credit Arrangement "Valid until date”.

For Equal Installment loans: when the due date is changed, the original total due amount will not change (interest and principal will be adjusted accordingly, but the total amount will stay the same).

Adjusting principal payment schedule

Principal can only be moved between the installments. The total outstanding balance needs to be fully allocated at all times. It is therefore not possible to increase or reduce the total outstanding balance.

The installment that has the principal edited and defined by the user will not be changed by any future recalculations made by Mambu.

Installments with zero principal during the pure grace period cannot be edited.

For Equal Installment loans: Principal on the last installment is not editable. When the principal is edited, the total due amount on the previous installments will not be changed, and only the next installments after the edited one will have equal installments recalculated (based on the remaining principal balance and remaining number of installments, including installments with custom principal).

Adjusting the number of installments

You can add more installments or delete existing ones; however, the total number of installments will be validated against the Minimum and Maximum installments allowed within the product constraints.

If a new installments is added on a Declining Balance loan, the principal for this installment needs to be specified and adjusted manually.

Installments with zero principal during pure grace period cannot be deleted.

Only installments that don't have anything paid can be deleted.

For Equal Installment loans: If a new installments is added and left with no principal, the principal will be calculated automatically after selecting the Recalculate button to keep the equal installment amount. However, if you fill in a principal, it will be considered custom.

Editing Revolving Credit Loan Schedules

After creating a new Revolving Credit loan account, you will have the option Edit Schedule under the More button, allowing you to edit the schedule while the account is in Partial Application, Pending Approval or Active (In Arrears, Locked included) states.

Due dates in the Revolving Credit accounts are not always fixed, nor predefined for the full term of the loan at the moment when the contract is signed with the client. However, you can customize the schedule for Revolving Credit loan accounts to accommodate for such scenarios when the installment due dates are aligned with the clients’ salary pay dates, which effectively means that they may fall on different days each month.

Schedule editing in Pending Approval state, no custom installment manually added

Editing Repayment Schedule on Revolving Credit while in Pending Approval state.

Schedule editing in Active state, custom installments manually added

Editing Repayment Schedule on Revolving Credit - custom installment manually added

If the account has installments due or already defined

You can add or delete installments; however, the delete functionality is only available for installments that are manually added, it does not apply for installments added by the system. When adding a new installment, you can define the due date, while principal and interest due will be empty. They will be filled in when the installment will become due. Adding new installments before already paid installments will not be possible.

If the account doesn't have installments due or defined

An empty installment will appear by default. You will be allowed to add or delete installments, with the same constraints mentioned above.

The installments will be shown in the Schedule, even if they do not have any principal and interest allocated, with Pending state as default.

On End of Day processes, or when the disbursement is backdated

The due and past-due installments will be populated with interest and principal. Installments will be added according to the Fixed days of month setting on the account, if there's still principal balance to be allocated, after the last custom installment due date. If a custom date installment was added before or after the date defined on the product (Fixed days of month), then Mambu will not add an additional installment.

Installments will be marked as Grace if the installment is due or past-due but no principal or interest is allocated to it.

For Dynamic Loans Declining Balance with Pre-Payments Recalculations methods set to either No Recalculation or Recalculate the Schedule, Keep the Same Principal Amount, if you click on the Calculate Schedule button under the Schedule Preview section, you will be able to edit or adjust the schedule directly, by changing the due dates, allocation of the principal, or adding and deleting installments.

Please Note
The changes available will always depend on the product settings. Every change will be logged under Activities.

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