Additional Fields for Loans with Variable Terms based on Loan Cycle
Additional Fields for Loans with Variable Terms based on Loan 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.
Implementation:
- Principal Variations:
- Add two rows to the Principal Variations for Borrow Cycle section
- In the first row, select equal from the drop-down box
- Type the number 3 into the borrower cycle field
- Type the minimum, default, and maximum principal amounts for borrower cycle three
- In the second row, select equal from the drop-down box
- Type the number 4 into the borrower cycle field
- Type the minimum, default and maximum principal amounts for borrower cycle four
- Repeat as above for # of repayments and interest rate, as applicable.
Scenario Two: Variations will apply to all loan accounts of this loan product after the first loan account for a client.
Implementation:
- Principal Variations:
- Add one rows to the Principal Variations for Borrow Cycle section
- In the first row, select greater than from the drop-down box
- Type the number 1 into the borrower cycle field
- Type the minimum, default, and maximum principal amounts for borrower cycle three
- Repeat as above for # of repayments and interest rate, as applicable.