Flexibility in Loan Application for Interest Rate, Calculation Method, and Tenure Period

This feature enables administrators to customize loan applications by editing or overriding the following parameters, as specified in the Credit Product Policy (CPP):

• Interest Rate
• Interest Calculation Method
• Tenure Period

This customization applies exclusively to new loan applications.

Steps for the New Implementation:

1. Update the CPP:
   • Navigate to the CPP section and update the Terms details. Adjust the following parameters:
     • Loan Amount Limits
     • Grace Period Details
     • Tenure Period Details
   • From the dropdown menu for Allow Frequency Override, select “True”.
2. Configure Interest Settings:
   • Update the Interest section to include:
     • Interest Rate
     • Interest Rate Period
     • Interest Calculation Method
     • Enable the Override Function.
   • From the dropdown menus for Allow Interest Rate Override and Allow Interest Method Override, select “True”.
3. Save and Approve the CPP:
   • After making the necessary updates, click Save.
   • Ensure all admins approve the updated CPP.
4. Apply Customizations During Loan Application:
   • When creating a loan application, admins can now edit the following fields to match client agreements:
     • Tenure Period
     • Interest Rate
     • Interest Calculation Method
5. Loan Approval Process:
   • Once the loan is customized, it undergoes the standard approval process, adhering to the policy mandates.