Eligibility criteria

The eligibility criteria serves two purposes:

Transaction criteria defines which transaction types can be eligible for an instalment and the credit product(s) that it will apply to.
Finance options: each transaction criteria can have one or more finance options.

Transaction criteria, and the associated finance options, are configured and can be used by multiple products.

Transaction criteria

Eligible transaction criteria are defined by you on your PSF, and configured in PayCredit by Paymentology.

It defines which transactions can be eligible for an instalment.

Transaction parameter	Description	Example
Instalment type	Currently Scheme transactions are supported. (options for statement or account will be added in future).	Scheme transaction
Products	One of more credit products that the transaction criteria will apply to.	Product 1
Transaction type	The transaction type of the transaction you wish to make eligible for an instalment loan. Full list of transaction types can be found here.	Purchases (`transaction_type_id` = `1`) and Cash Withdrawals (`transaction_type_id` = `5`)

Transaction parameter

Description

Example

Instalment type

Currently Scheme transactions are supported.

(options for statement or account will be added in future).

Scheme transaction

Products

One of more credit products that the transaction criteria will apply to.

Product 1

Transaction type

The transaction type of the transaction you wish to make eligible for an instalment loan.

Full list of transaction types can be found here.

Purchases (transaction_type_id = 1) and Cash Withdrawals (transaction_type_id = 5)

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Transaction criteria can be set to active, inactive, or deleted (soft delete).

Finance options

Each finance option is associated with a single transaction criteria.

Finance options serve as a configurable framework, defining parameters for an instalment.

Parameter	Description	Example
Minimum amount	The minimum eligible amount of the transaction for an instalment loan.	100.00
Maximum amount	The maximum eligible amount of the transaction for an instalment loan.	2000.00
Transaction start and end date	A set time period over transactions must be processed to be eligible.	01/09/2024 - 28/05/2025
Number of cycles (loan tenure)	The intsalment tenure e.g. 3, 6, 12 months. A separate finance option is configured for each tenure.	12
Interest rate	Interest rate %.	11.000%
Interest calculation method	The calculation method of the interest rate. Either: Flat or Reducing Balance.	Flat
Processing fee	Optional fee. This type of fee can be defined as any of the below: a fixed value a percentage of the transaction the higher or lower rate of the fixed value and percentage of the transaction. The processing fee is added to the first instalment amount due.	Fixed: 0.00 Percentage: 5.000% Calculation: Higher
Cancellation fee	Optional fee. This type of fee can be defined as any of the below: a fixed value a percentage of the transaction the higher or lower rate of the fixed value and percentage of the transaction. The cancellation fee is triggered in the event the customer chooses to end the instalment early.	Fixed: 0.00 Percentage: 10.000% Calculation: Higher
Late fee	Optional fee. This type of fee can be defined as any of the below: a fixed value a percentage of the transaction the higher or lower rate of the fixed value and percentage of the transaction.The late fee is triggered if the instalment repayment is not made by the due date.	Fixed: 12.00 Percentage: 0.000% Calculation: Higher
Termination fee	Optional fee. This type of fee can be defined as any of the below: a fixed value a percentage of the transaction the higher or lower rate of the fixed value and percentage of the transaction.The termination fee is triggered in the event the customer has met the termination overdue cycles limit.	Fixed: 15.00 Percentage: 10.000% Calculation: Lower
Termination overdue cycles	The number of cycles allowed to be overdue before termination.	2
Finance option start and end date	A set time period over which the finance options are available.	01/09/2024 - 28/06/2026

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Finance options can be set to active, inactive, or deleted (soft delete).

Customer based restrictions

Aside from the eligibility criteria, PayCredit allows for the customization of limits to be imposed for an account or customer.

These include:

Maximum number of instalments per account.
Maximum value of all instalment plans in comparison to the overall credit limit of the account.
Maximum total monthly amount in comparison to the overall credit limit.

Updated 7 months ago