Constructor for borrowing products including interest rates, maturities, amount, etc.
Create new Borrowing Product
To create a new Borrowing product click + Create button on the upper right-hand corner and fill the following fields:
- Name - specify a name for the new borrowing product
- Code - specify a short unique code for designation this new product. For example it can contain capital initials of the product
- Schedule type - select the schedule type you need from the drop-down list
- Currency - select the currency of the product from the drop-down list
- Interest rate - set minimum and maximum yearly interest rate for borrowing product
- Amount - set minimum and maximum amounts allowed of the borrowing product
- Maturity - set minimum and maximum tenor of the borrowing product
- Grace period - set minimum and maximum number of instalments for grace period. During grace period only interest is paid, principal repayments start upon end of grace period.
Select Accounts from the drop-down lists:
- Principal - set account for the principal of the borrowing
- Interest accrual - set Interest accrual account of the borrowing
- Interest expense - set Interest expense account of the borrowing
Please note that every field is required. After that, click the Save button at the upper right-hand corner to save the new entry or Cancel to discard your changes.
Edit Borrowing Product
Click on the entry you want to edit to go the entry details where you will find the Edit button.
Once changes are made, click Save to save them or Cancel to discard.