A.1.18 Change Term
You can change the term of a loan account by posting the ‘CHANGE TERM’ monetary transaction in Customer Service > Maintenance > Transaction Batch Information. When the term is changed, system auto calculates and updates the Term and Maturity date as indicated below:
- New Term is calculated from ACC_DUE_DT_NEXT onwards. (Say, New Terms)
- Number of terms is calculated from Contract date to ACC_DUE_DT_NEXT (Say, Passed Terms).
- Updates ACC_TERM_CUR with sum of PASSED TERMS + NEW TERMS.
- Updates ACC_MATURITY_DT_CUR with sum of ACC_DUE_DT_NEXT + NEWTERMS.
Table A-34 To change the term
| Transaction | Parameters |
|---|---|
| CHANGE TERM | TXN DATE |
| PAYMENT AMOUNT | |
| BALLOON PAYMENT AMOUNT |
Parent topic: Monetary Transactions