Additional Fields for Loans with Variable Terms based on Loan Cycle
I raised an issue regarding the inconsistent use of terminology (i.e., loan cycle vs borrower cycle).
Multiple variations for a Borrower Cycle can be set up for:
- Principal amounts (minimum, default, maximum)
- # of Repayments (minimum, default, maximum)
- Interest rate (minimum, default, maximum)
See Examples.
| Field Name (attribute) | Description | Example | Validations (if applicable) |
|---|---|---|---|
Principal Variation for Borrower Cycle To add Principal Variations, click Add until there are sufficient rows for the principal variations required. Complete a row for each principal variation. | |||
| Logical operator | Select equals or greater than from the drop-down list. | ||
Borrower cycle | Identify the Borrower cycle (see Glossary) affected by the principal variation. | ||
| Minimum | The minimum principal amount. | ||
| Default | The default principal amount. | ||
| Maximum | The maximum principal amount. | ||
Number of Repayments Variation for Borrower Cycle To add # of Repayments, click Add until there are sufficient rows for the # of repayments variations required. Complete a row for each # of repayments variation. | |||
| Logical operator | Select equals or greater than from the drop-down list. | ||
Borrower cycle | Identify the Borrower cycle (see Glossary) affected by the # of Repayments variation. | ||
| Minimum | The minimum # of repayments. | ||
| Default | The default # of repayments. | ||
| Maximum | The maximum # of repayments. | ||
Interest Rate Variation for Borrower Cycle To add Interest Rate variations, click Add until there are sufficient rows for the number of interest rate variations required. Complete a row for each interest rate variation. | |||
| Logical operator | Select equals or greater than from the drop-down list. | ||
Borrower cycle | Identify the Borrower cycle (see Glossary) affected by the Interest Rate variation. | ||
| Minimum | The minimum interest rate. | ||
| Default | The default interest rate. | ||
| Maximum | The maximum interest rate. | ||
Examples
Scenario One: Variations will apply to the third and fourth loan accounts of this loan product for a client.
...