7.2.6 Modifying Interest or Fees

User can view the interest and fees components configured for the loan account. User can also add new or Edit existing interest or fees detail.

To modify the interest or fees detail:

  1. Navigate to the screen and fetch the account. For more information, refer Navigating and Fetching Account.
  2. Click the Modify Interest/Fees link.
    The Modify Interest/Fees section is displayed.

    Figure 7-14 Modify Interest/Fee

    Description of Figure 7-14 follows
    Description of "Figure 7-14 Modify Interest/Fee"

    Note:

    By default, the existing interest or fees details of the account is displayed.
  3. From the Modify Interest/Fees section, click the Edit icon from the Action field.
    The Modify Interest/Fees section is displayed.

    Figure 7-15 Modify Interest/Fees - Edit

    Description of Figure 7-15 follows
    Description of "Figure 7-15 Modify Interest/Fees - Edit"
  4. User can maintain the details in this section as required. For more information on fields, refer to field description table below:

    Table 7-10 Modify Interest/Fees – Edit - Field Description

    Field Description
    Effective Date Select or specify the effective date of the component value.

    Note: User cannot specify the date less than the date specified in the Value Date field in the Modify Loan tab.

    Component Displays the loan component.
    Note: The component user defined element is of following type:
    • Rate
    • Rate Code
    • Number
    Rate Type Select the rate type associated for the component. The options are:
    • Fixed
    • Variable
    Note:
    • This field is displayed if:
      • The Component User Defined Element type is Rate or Rate Code, and you have select the Fixed option from the Rate Type field.
      • The Component User Defined Element type is Rate or Rate Code, and you have selected the Variable option from the Rate Type field.
    Rate Code Select the rate code associated for the component.

    Note: This field is displayed if, the Component User Defined Element type is Rate or Rate Code, and user have selected the Variable option from the Rate Type field.

    Code Usage Select the code usage for the component. The options are:
    • Automatic
    • Periodic

    Note: This field is displayed if, the Component User Defined Element type is Rate or Rate Code, and user have selected the Variable option from the Rate Type field.

    Value Specify the value for the loan account.
    Note:
    • This field is displayed after you click the Edit icon from the Action field, only if the Component User Defined Element type is Rate or Rate Code, and user have select the Fixed option from the Rate Type field.
    • By default, this field displays a value and it is not editable if Component User Defined Element type is Rate or Rate Code, and user have select the Variable option from the Rate Type field.
    • By default, this field displays a value and currency, and it is not editable if Component User Defined Element type is Number.
    Variance Specify the variance for the loan account.

    Note: This field is displayed after you click the Edit icon from the Action field, only if the Component User Defined Element type is Rate or Rate Code, and user have selected the Variable option from the Rate Type field.

    Final Value Displays the final amount.
    Note:
    • The sum of the amount you entered in the Value and Variance field is displayed in this field.
    • This field is displayed if, the Component User Defined Element type is Rate or Rate Code, and user have selected the Variable option from the Rate Type field.
    Action Displays the actions you can perform on the structure details. The following icons are displayed:
    • Edit: User can click this icon, to Edit the details in a row.
    • Delete: User can click this icon, to Delete the row.
    • User can add a new row by following the steps below:
      1. From the Modify Interest/Fess section, click the Add icon.

        The Add Interest/Fees section is displayed.

        Figure 7-16 Add Interest and Fees

        Description of Figure 7-16 follows
        Description of "Figure 7-16 Add Interest and Fees"

        For field description, refer Table 7-10.

      2. Select or specify the details as required.
      3. Click OK.

        The details are added successfully.

    • User can also Delete a entry from the Modify Interest or Fees section, by clicking the Delete icon, from the Action field.
  5. Click OK.

Parent topic: Loan Renegotiation