1.1.2.3 Interest Details
Interest details can be added for the application in the Enrichment Stage.
For information on the screen fields, refer to the field description table below.
Table 1-6 Interest Details - Field Description
| Field | Description |
|---|---|
| Loan Branch | The branch for which the rate code is maintained |
| Loan Amount | The loan amount for which the interest details will be maintained |
| Value Date | The date on which the loan contract came into effect |
| Component Name | Specific Interest components which are defined will be displayed |
| Rate Type | The Interest Rate Type of a product will be displayed |
| Interest Period basis | It indicates how the system must consider the tenor basis upon which interest is computed over a schedule or interest period, in respect of the interest component for which the limits are being maintained, which is associated with the selected product |
| Billing notice period | The number of calendar days before the repayment date, when a Billing Notice has to be generated for the customer as a reminder of the payment |
| Waiver | The attributes of an interest component that have been defined for a product is applied on a contract involving the product If, for some reason you do not want to apply the interest component for the contract you are processing, you can do so by checking this field. The interest is calculated but it is not applied on the contract |
| Subrate type | Can select Rate code defined by the system |
| Rate Code | The interest Rate which has to be considered for computing |
| RateSpread | 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 | 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: Loan Origination Enrichment