1.9.1.2.7 Interest Details
This topic describes about the Interest Details screen.
The Interest details can be added for the application in the SME Application Enrichment Stage.
For information on the screen fields, refer to the field description table below.
Table 1-78 Interest Details - Field Description
| Field | Description |
|---|---|
| Loan Branch | Displays the branch for which the rate code is maintained. |
| Loan Amount | Displays the loan amount for which the interest details will be maintained. |
| Value Date | Displays the date on which the loan contract came into effect. |
| Component Name | Displays the Specific Interest components. |
| Rate Type | Displays the Interest Rate Type of a product. |
| Interest Period Basis | Select the Interest Period Basis. The system must consider the tenor basis of computing the interest over a schedule or interest period when maintaining the limits of interest component that associated with the selected product. |
| Billing Notice Required | Select the toggle to notify the billing to the customer before the repayment date. |
| Billing Notice Days | Select the Billing Notice Days. The number of calender days before the repayment date that a Billing Notice must be generated for the customer. |
| Waiver | An interest component's defined attributes are applied to the contract involving the product. If, for some reason user do not want to apply the interest component for the contract user are processing, user can do so by checking this field. The interest is calculated but it is not applied on the contract. |
| Sub Rate Type | Select Rate code defined by the system. |
| Rate Fixing required | Select the toggle to fix the interest rate for the specific number of days. |
| Rate Fixing days | Specify the number of days to maintain the rate the same. |
| Reset Tenor | Select the Reset tenor. Based on loan booking, tenor will be reset to a new value. |
| Alternative Risk Free Rate | Select the AlternativeRisk Free Rate. It is one type of rate required for the loan. |
| Min Max Rate (Range) | Specify the minimum and maximum rate for that product. |
| Rate Code | The interest Rate which has to be considered for computing. |
| Rate (%) | Specify the rate of interest for that component. |
| Rate Spread | Select the Rate Spread. Interest rate spread is the interest rate charged by banks on loans to private sector customers minus the interest rate paid by commercial or similar banks for demand, time, or savings deposits. |
| All in Rate | Displays the All in Rate. The All-in rate is the rate that a financial institution uses in charging customers for accepting bankers acceptances, consisting of the bankers acceptance rate. |
Parent topic: Application Enrichment