How to configure upfront interest on your loan product

Configuring upfront interest on your loan product allows you to collect the interest portion of the loan at the point of disbursement.

This feature helps reduce the risk associated with loan repayments by ensuring that the interest is settled in advance. This guide will walk you through the steps to configure this feature on your loan product using the Lendsqr admin console.

Step-by-step guide

1. Login to the Admin Console
2. Click on “Loan Products” under “Product Management

How to configure upfront interest on your loan product

3. Create a loan product or open an existing one

How to configure upfront interest on your loan product

4. Click on the “Product Attributes” tab on the “Product Details” page.

How to configure upfront interest on your loan product

5. Locate the “Upfront Interest Payment” attribute. Click on the “three dot” icon and select “Edit” beside this attribute.

How to configure upfront interest on your loan product
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6. To enable upfront interest payment, check the box next to the attribute to make it true, and click on the “Save” button to apply the changes to the loan product.

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Also read: How Lendsqr is using AI to transform its processes

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