Repayment Types

 

Use

The repayment type is used to divide the loan type into loans with repayment by installment and loans with annuity repayments, such as building loans with repayment by installment and building loans with annuity repayments.

Features

In the case of an Installment loan, the installment amount that the employee pays back is fixed, while the interest amount varies and is paid in addition to the repayment installment.

In the case of an Annuity loan, a constant total amount is determined by adding together the repayment amount and interest amount.

The customizing system enables you to set up company-specific loan types with repayments by installment or annuity repayments.