Loan against RD in DOP Finacle
Scenario:-
A customer has a RD account He/She wants a loan/half withdrawal against his account.How we will sanction the Loan/half withdrawal against RD is explained in this post step by step.
Loan/Half withdrawal against RD:-
- Only one loan/half withdrawal against RD account will be allowed during the tenure of the account.
- For loan/half withdrawal against RD, amount not exceeding the 50% of the outstanding balance in the account can be sanctioned minimum after one year of A/c opening where minimum twelve deposit installments are collected.
- Loan\Half withdrawal against RD should be in multiple of Rs 5/- and should be repaid either in lump sum or equal monthly installments.
- The number of loan/half withdrawal installments shall not exceed the number of months remaining for maturity of the account or post maturity period for which account is continued.
- In case of repayment in one lump sum or equal monthly installments,interest shall be calculated on the amount of withdrawal for full calender months from the month of withdrawal to the month of repayment irrespective of the date on which the amount is withdrawn or repaid.If the repayment with interest is made on or before 10th of a month, no interest shall be payable for that month.
- Loan accounts can be opened for individuals or joint holders based on the RD accounts mode of operations.
Step by Step process for loan against RD account:-
CAOLARD:-Stands for Loan against RD Account Opening menu
- Invoke the menu option CAOLARD then the system will ask to enter the following as shown
- Enter the RD account number of the customer then the system will automatically auto fills as shown in the following figure
Then click on Go then the system will ask to select the following
- Select the installment frequency i.e., in Finacle we have two modes they are
- Bullet frequency and
- Monthly frequency.
Bullet Frequency :-
In this mode the customer need to repay the amount at once i.e., the lump sum mount should be repaid in 1 installment only.
Monthly Frequency:-
In this mode the customer can choose the number of months he is willing to repay the loan amount as per the desired loan amount.
- Enter the loan amount as shown in the figure.
Then finally click on submit then the system will generate the RD loan account number suffixed by 1 to the original account number.
Verification of RD loan account:-
- The menu option for verification of RD Loan account is CAOVLARD.
- CAOVLARD means Loan Account Against RD Verification
- The process of verifying the loan account is invoke the menu and select the function as "Verify" and enter the loan account number as shown
then view the details entered by the counter clerk then finally click on submit
15 comments
Dear architects,
Pranams to all of you. Kindly enable these pages for cut and paste so that we will send the same to SOLs as perfect solutions.
Kindy do the needful. I am Supervisor, CPC, Chennai.
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FOR OPENING LOAN ACCOUNT AGAINST RD, DO WE NEED TO TAKE AOF/KYC DOCs?
IF YES, DO WE NEED TO SEND THEM TO CPC FOR SCANNING?
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Middle name.....
2) Gender:.........
3) Loan Amount Needed:.........
4) Loan Duration:.........
5) Country:.........
6) Home Address:.........
7) Mobile Number:.........
8) Email address..........
9) Monthly Income:.....................
10) Occupation:...........................
11)Which site did you here about us.....................
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Hello Everybody,
My name is Ahmad Asnul Brunei, I contacted Mr Osman Loan Firm for a business loan amount of $250,000, Then i was told about the step of approving my requested loan amount, after taking the risk again because i was so much desperate of setting up a business to my greatest surprise, the loan amount was credited to my bank account within 24 banking hours without any stress of getting my loan. I was surprise because i was first fall a victim of scam! If you are interested of securing any loan amount & you are located in any country, I'll advise you can contact Mr Osman Loan Firm via email osmanloanserves@gmail.com
LOAN APPLICATION INFORMATION FORM
First name......
Middle name.....
2) Gender:.........
3) Loan Amount Needed:.........
4) Loan Duration:.........
5) Country:.........
6) Home Address:.........
7) Mobile Number:.........
8) Email address..........
9) Monthly Income:.....................
10) Occupation:...........................
11)Which site did you here about us.....................
Thanks and Best Regards.
Derek Email osmanloanserves@gmail.com
Hello Everybody,
My name is Ahmad Asnul Brunei, I contacted Mr Osman Loan Firm for a business loan amount of $250,000, Then i was told about the step of approving my requested loan amount, after taking the risk again because i was so much desperate of setting up a business to my greatest surprise, the loan amount was credited to my bank account within 24 banking hours without any stress of getting my loan. I was surprise because i was first fall a victim of scam! If you are interested of securing any loan amount & you are located in any country, I'll advise you can contact Mr Osman Loan Firm via email osmanloanserves@gmail.com
LOAN APPLICATION INFORMATION FORM
First name......
Middle name.....
2) Gender:.........
3) Loan Amount Needed:.........
4) Loan Duration:.........
5) Country:.........
6) Home Address:.........
7) Mobile Number:.........
8) Email address..........
9) Monthly Income:.....................
10) Occupation:...........................
11)Which site did you here about us.....................
Thanks and Best Regards.
Derek Email osmanloanserves@gmail.com
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Hello Everybody,
My name is Ahmad Asnul Brunei, I contacted Mr Osman Loan Firm for a business loan amount of $250,000, Then i was told about the step of approving my requested loan amount, after taking the risk again because i was so much desperate of setting up a business to my greatest surprise, the loan amount was credited to my bank account within 24 banking hours without any stress of getting my loan. I was surprise because i was first fall a victim of scam! If you are interested of securing any loan amount & you are located in any country, I'll advise you can contact Mr Osman Loan Firm via email osmanloanserves@gmail.com
LOAN APPLICATION INFORMATION FORM
First name......
Middle name.....
2) Gender:.........
3) Loan Amount Needed:.........
4) Loan Duration:.........
5) Country:.........
6) Home Address:.........
7) Mobile Number:.........
8) Email address..........
9) Monthly Income:.....................
10) Occupation:...........................
11)Which site did you here about us.....................
Thanks and Best Regards.
Derek Email osmanloanserves@gmail.com
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DOP Finacle is a software application used by banks for loan against RD processing. This blog will guide you on how to use DOP Finacle for processing loan against RD.
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