Introduction
Interest is levied from the consumer if the consumer fails to make the payment for the demand raised before a specified due date. The consumer has to make the full payment before due date to avoid interest charges. The number of days after which the interest is applicable should be configurable at the ULB level.
Interest rate: Interest rate on a daily basis can be levied on
Entire bill amount
Balance pending when partial payments have been made
Data Table
Sr. No. | Interest based on (Bill amount/Balance pending) | Grace Period (days) | Interest rate |
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Procedure
Field Description
Sr. No. : Defines the serial no of the line item.
Grace period : After the bill is generated, certain days are provided to the citizen for making the payment.
Interest based on : Interest can be levied on either bill amount or balance pending, if partial payments are made against the bill.
Interest rate : Time based Interest percentage
Steps to fill this data
Get information about the type of interest calculation logic that is followed
Get information about the grace period
Get information about interest percentage and what is interest based on
Validation
Interest should only be applicable after the grace period is over
This data should be collected at ULB level