Salary Advance Loan Details
Extended Salary Advance Loan Details
Deal Reference: {{ form_success_response_obj.new_deal_reference_no }}
**Outstanding Balance: {{ form_success_response_obj.rebooked_amount }}
** late payment fees and interest charges not included
Term: {{ form_success_response_obj.term }}
Amortization Amount: {{ form_success_response_obj.amortization_amount }}
Accrued Interest Amortization Amount: {{ form_success_response_obj.air_amortization }}
Days past due: {{ form_success_response_obj.days_past_due }}
What is Accrued Interest?
This is the loan interest incurred during the payment extension period. All unpaid loan balances continue to incur interest day by day, and consistent with the Bayanihan We Heal as One Act, accrued interest still applies. This is not a form of late fee nor interest on interest penalty.
Computation of Accrued Interest
Formula | Outstanding Balance X Effective Interest Rate X Number of Days |
Legend | Description |
Outstanding Balance | Unpaid principal amount of the original loan |
Effective Interest Rate | Effective yield |
Number of Days | Booking date (new loan) - Last payment made (original loan) / 360 |
Last Payment Made Original Loan | Last payment date of original loan or if no payments are made use the booking date of original loan |