Installments on Non-Working Days

This setting can be found in the Repayment Scheduling section of the Creating a New Loan Product form and determines what happens to loan repayments that fall on non-working days.

Do not reschedule repayments

Mambu will not modify schedules for non-working days. If an installment is due on a non-working day it will be left as it is.

Move ahead to next working day

Mambu will modify loan schedules, so any installment that would be due on a non-working day will be moved ahead to the next working day.

Move backward to previous working day

Mambu will modify loan schedules, so any installment that would be due on a  non-working day will be moved back to the previous working day.

Extend Schedule

When an installment is due on a non-working day, Mambu will shift that installment and all further installments by one installment period.

For example, for a weekly installment loan where an installment would be due on a non-working day, the week with the holiday will have no installment. The whole remaining schedule will be pushed one week ahead, meaning that the loan will keep its payment day and be one week longer due to the skipped week.