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) |
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 |
| Processing fee | Optional fee. This type of fee can be defined as any of the below:
| Fixed: 0.00 Calculation: Higher |
| Cancellation fee | Optional fee. This type of fee can be defined as any of the below:
| Fixed: 0.00 Calculation: Higher |
| Late fee | Optional fee. This type of fee can be defined as any of the below:
| Fixed: 12.00 Calculation: Higher |
| Termination fee | Optional fee. This type of fee can be defined as any of the below:
| Fixed: 15.00 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 |
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 10 months ago