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Loan Product Fields—Additional Fields for Loans with Variable Terms based on Loan Cycle

Loan Product Fields—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)
  • Number of Repayments (minimum, default, maximum)
  • Interest rate (minimum, default, maximum)

See Loan Product Fields—Additional Fields for Loans with Variable Terms based on Loan Cycle#Examples.

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.

Field name (attributes) Description Example Validations (if applicable)
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 number of Repayments, click Add until there are sufficient rows for the number of repayments variations required.

Complete a row for each number of repayments variation.

Field name (attribute) Description Example Validations (if applicable)
Logical operator Select equals or greater than from the drop-down list.
Borrower cycle Identify the Borrower cycle (see Glossary) affected by the number of Repayments variation.
Minimum The minimum number of repayments.
Default The default number of repayments.
Maximum The maximum number 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.

Field name (attribute) Description Example Validations (if applicable)
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

Loan Product Fields—Additional Fields for Loans with Variable Terms based on Loan Cycle#Examples

Scenario One: Variations will apply to the third and fourth loan accounts of this loan product for a client.

Implementation:

  1. Principal Variations:
  2. Add two rows to the Principal Variations for Borrow Cycle section
  3. In the first row, select equal from the drop-down box
  4. Type the number 3 into the borrower cycle field
  5. Type the minimum, default, and maximum principal amounts for borrower cycle three
  6. In the second row, select equal from the drop-down box
  7. Type the number 4 into the borrower cycle field
  8. Type the minimum, default and maximum principal amounts for borrower cycle four
  9. Repeat the steps above for number 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:

  1. Principal Variations:
  2. Add one row to the Principal Variations for Borrow Cycle section
  3. In the first row, select greater than from the drop-down box
  4. Type the number 1 into the borrower cycle field
  5. Type the minimum, default, and maximum principal amounts for borrower cycle three
  6. Repeat the steps above for number of repayments and interest rate, as applicable.