Setting up a subscription plan for your loan product allows you to charge your customers a recurring fee throughout the tenor of a loan. Follow the steps below to configure a subscription on your loan product:
- Login to the admin console
- Navigate to “Loan Products” under “Product Management”.
- Once logged in, locate the side navigation and click on “Product Management.”
- In the dropdown menu, select “Loan Products.”
3. Create or Update a Loan Product
- To create a new loan product, click on the “New Loan Product” button.
- To update an existing product, find the product in the list and click on the “Edit” button next to it.
4. Access the Fees Section
- Scroll down to the “Fees” section of the loan product form.
- Click on the “Create a new Fee” button to open a modal window.
5. Fill in the fee details
- In the modal window, select the “subscription” fee type by clicking on the radio button beside subscription.
- Fill in the required details for that type of fee, including the name, amount, grace period, charge type or fee calculation type (e.g., percentage or fixed amount), etc.
- Activate “Frequency” by shifting the toggle to the right.
6. Submit and Close the Modal
- After entering the details, click on the “Create Fee” button to save the subscription fee.
- Close the modal window to return to the loan product form.
7. Activate the subscription fee
- In the Fees section, locate the newly created fee.
- Toggle the switch to activate the fee for this loan product.
8. Save Changes
- Scroll to the bottom of the loan product form.
- Click on the “Save” button to create or update the loan product with the fee.
