Recording Repayments
Track loan repayments and update balances
Recording Repayments
Keep loan balances accurate by recording repayments as they occur.
How to Record a Repayment
- Navigate to Loans in the sidebar
- Find the loan in the table
- Click the Actions menu (three dots)
- Select Record Repayment
- Enter repayment details:
- Repayment Date: When payment was made
- Principal Amount: Portion applied to principal
- Interest Amount: Portion applied to interest
- Payment Reference: NEFT reference, cheque number, etc.
- Notes: Optional additional details
- Click Save to record
Repayment Dialog
The dialog shows:
- Current outstanding principal
- Current accrued interest
- Total outstanding amount
Enter your repayment amounts and the system calculates the new balances.
Principal vs Interest
Repayments can include:
- Principal Only: Reduces the outstanding balance
- Interest Only: Clears accrued interest
- Both: Split between principal and interest
The total repayment equals principal + interest amounts.
Automatic Loan Closure
When a loan is fully repaid:
- Outstanding principal reaches zero
- Loan status changes to Closed
- Closed date is set automatically
- Loan remains visible in history
Banking Channel Requirement
For repayments exceeding ₹20,000:
- Payment must be through banking channels (NEFT, cheque, etc.)
- Cash repayments over ₹20,000 violate Section 269T
- The system shows a warning for large cash repayments
Viewing Repayment History
To see all repayments for a loan:
- Open the loan details
- View the repayment history section
- Each entry shows date, amounts, and reference
Tips
- Record repayments promptly for accurate balances
- Always include payment references for audit trail
- Split principal and interest correctly for tax purposes
- Keep banking channel proofs for amounts over ₹20,000