The new loan that replaces the outstanding balance on an older loan, and is paid over a longer period, usually with a lower installment amount. Loans are commonly rescheduled to accommodate a borrower in financial difficulty and, thus, to avoid a default. Also called restructured loan.
Click the Reschedule button and the new window opens.
You can change the following fields:
- Reschedule date - specify the reschedule date
- First installment date - specify the new installment date
- Interest rate - specify the new interest rate
- Maturity - specify the new maturity (in periods)
- Grace period - specify the new grace period (in periods)
Once you have changed them you can preview the repayment schedule and save. After that, the customer will have a new repayment schedule.