1. Loan Servicing User Guide
  2. Tools
  3. Loan Calculator
  4. Repayment Options

12.1.2 Repayment Options

If the calculation involves flexible repayment options, you can include the same through the following options:

Table 12-3 Repayment Options

Option Description
Flexible Repayment Allowed

Select the check box to include a flexible repayment schedule in calculation. On selection, the following sections are enabled.

  • REPAYMENT SCHEDULE
  • PAYMENT CHANGE SCHEDULE
  • RATE SCHEDULE

Based on the selection of repayment type in the subsequent field, any or all of the above sections are enabled to define the required flexible repayment schedules.
Type

Select any of the following repayment type that you want to use from the drop-down list.

  • UNDEFINED
  • SKIP PERIOD
  • USER DEFINED
  • GRADUATED PAYMENT
  • EXTENDABLE BALLOON
  1. Depending on the repayment type selected, complete the following sections:
    • If you have selected the type as UNDEFINED (default), you can specify only the Rate Schedule’ as explained in step 2.
    • If you have selected the type as SKIP PERIOD, select the months which you want to exclude in repayment schedule by selecting the adjacent check box.
    • If you have selected the type as USER DEFINED, click Add in Repayment Schedule section and specify the following information:

      Table 12-4 Repayment Schedule

      Field Do this
      Seq Specify the sequence number of the repayment schedule.
      Pmt Amt Specify the repayment amount borrower agreed to pay during the schedule.
      # of Payments Specify the number of payments borrower agreed to pay for stated repayment amount during this schedule.
      Generated View if the repayment schedule is generated.
    • If you have selected the type as GRADUATED PAYMENT, click Add in Payment Change Schedule section and specify the following information:

      Table 12-5 Payment Change Schedule

      Field Do this
      Seq Specify the sequence number in which the repayment is calculated. It prioritizes the calculation.
      Option Type

      Select the repayment option type:

      STEP UP, STEP DOWN and BULLET.
      Frequency Select the frequency of payment. The default value is TERM.
      Period Specify the loan period.
      # of Adj. Specify the number of times the STEP UP, STEP DOWN or BULLET needs to happen.
      Value Specify the value. For STEP DOWN, value ranges from 1 to 99. For STEP UP, value ranges from 1 to 990. For BULLET, value ranges from 1 to 99999999.
    • If you have selected the type as EXTENDABLE BALLOON, specify the maximum number of terms in the Extendable Balloon section.
  2. If the calculation includes a promotion, complete the Rate Schedule section. Click Add and specify the following information:

    Table 12-6 Rate Schedule

    Field Do this
    Seq Specify the sequence number of the rate schedule.
    Rate Specify the repayment amount borrower agreed to pay during the schedule.
    Start Dt Specify the date on which the borrower agreed to make the first payment.
  3. After you specify all the required information click calculate. The system computes the payment change schedule and populates the Repayment Schedule section.

    When you fund the loan application, the system copies repayment schedule information to the loan account on Customer Service screen where it appears in the Repayment Schedule section.

Parent topic: Loan Calculator