Suspend/Resume Interest Accrual
It may be necessary, over the course of a loan, to stop and start the accrual of interest. Even if it isn’t mandatory, you may want to use this tool to incentivize your customers.
Note: This tool is not available if the loan is not activated.
To access the tool to stop or resume interest accrual on an account, navigate to Account Setup > Setup Tools > Suspend/Resume Interest inside of a customer account.
To add a stop or resume interest accrual, click Add.
Select whether you want to create a Suspend Interest Accrual or a Resume Interest Accrual from the type drop-down. Enter the date on which interest should stop or resume being accrued on the account. Click Save. You are done!
Note: If you try to set a suspend interest date in the past, you will receive a warning prompt. Read through the warning, and if you still wish to stop the interest accrual, click Proceed.
This page also shows you the stop/resume interest accrual commands you have already created. You can edit or delete them by clicking or respectively.
Interest Accrual Rules Applied
You can also start and stop the accrual of interest using rules applied. Go to the Rules Applied to see what rules will change the accrual of interest. You can force the evaluation (and possible change of interest accrual) by clicking and then "Force Rule".
You can change the rules applied for interest accrual in Settings > Loan > Rules Applied > Stop Interest Date.