6.1 Introduction
In Oracle Lending, you can define the different types of charges or fees that apply on a product as classes. A charge class is a specific type of charge component (For example, Charges for amending the terms of a loan).
When defining a product, you merely have to attach the required classes. In this manner, a contract processed under a particular product acquires the classes (components) associated with the product.
A discount accrual fee class can be made applicable for loans and bills processed in Oracle Lending. To apply a discount accrual fee, you should first define attributes for each of the components.
Steps involved in processing discount accrual fees
The following steps are involved in processing discount accrual fees:- Defining discount accrual fee classes.
- Associating discount accrual fee classes with a product.
Parent topic: Defining Discount Accrual Fee Classes