Can anyone help me on understanding how Rollover function works in Loans Management. The requirement is as given below:
Client takes a loan, for example for an amount of 100000 and the condition is installment repayment every month. But they have a facility to re-draw the repaid portion. For example at the end of six months they have repaid 60000, they can draw amount upto 60000. If they want to draw 30000 from the repaid amount, how do we handle it in Loans Management.
I have tried to use Rollover (Individual Rollover) by assigning this loan contract and created a new contract. But I could not do any disbursement as it is showing that 100% already disbursed. Is there any way that i can draw the repaid amount and extend the term end.
Please help on this as it is a critical requirement for the client. The Rollover function in Loan Management works to meet this purpose or not?
Appreciate early input on this requirement.
Thanks in advance for the help.