General parameters

In the general parameters section, you can determine the main settings for the loan product, such as product group and schedule, etc.

The product group value affects the availability of the parameters and their values in the following product creation process.

General loan parameters

Field name	Type	Description
Product code*	Text	Enter a unique loan product identifier. It is used to identify your loan product in the system.
Description*	Text	Enter the name of the loan product. The description is visible under the loan products list.
Product group*	List	Select the product group. It defines the loan type. Then, based on the loan type, the system determines the parameters required for this loan product. To learn more about the predefined values - see the Product group description below. Note: for more information on loan product groups, refer to the following article.
Revolving	Checkbox	The checkbox is auto-selected if the selected product group type is revolving.
Loan class code	List	Select the loan class code. Note: for more information on the loan class code parameter, refer to the following article.
Reporting product code	List	Select the reporting product code.
Schedule*	List	Select the loan contract repayment schedule. It determines the way how the borrower makes the loan repayments. To learn more about the predefined values - see the Schedule description below.
Schedule customisation allowed?*	List	Select if the loan schedule customisation is allowed or not. Note: this field is available if the unsecured or general secured loans are selected as a product group.
Status*	Displayed	Status indicates the product status after the activation. The default value is ACTIVE.
Currency*	List	Select the loan currency from the list.
Country*	List	Select the country where you offer the loan product to the borrowers. You can choose a value from a predefined list.
Contract number prefix*	Text	Enter the contract number prefix. It is used to generate the loan contract number.
Organisation unit*	List	Select the tenant where the loan is offered to the borrowers. Enter a value if you would like to offer this loan product only for a specific branch.
Scoring valid days	Number	Enter the number of the scoring days validity. If the loan contract is not signed by then, the application, the offer and the contract draft are cancelled.
Offer valid days*	Number	Enter the number of days when the loan offer is valid. If those days are passed, the offer is terminated. And a new offer should be created to activate the loan contract.
Default days	Number	Enter the number of days after the start of the debt contract is defaulted.
Blocked days*	Number	Enter the number of days after the start of debt when the contract is blocked. Note: it is relevant for Overdraft loans without internal account product.
Capitalised contract conclusion fee*	List	Select whether the contract conclusion fee is capitalised to loan principal amount or not. The possible values are: Yes, No.
Schedule re-generation rule	List	Select which type of rule is followed for the repayment schedule if the contract is changed. Possible values: Fixed length - during schedule re-generation, the system keeps the schedule length the same as in the original loan contract. Fixed payment - during schedule re-generation, the system keeps the instalments the same as in the original loan contract. Fixed payment and length - during schedule re-generation, the system keeps the instalments and length the same as in the original loan contract. The difference between the amounts after re-generation is assigned to the last payment in the loan repayment schedule.
Limit usage end	List	Select the rule for limit usage date calculation: Contract End - limit is available for usage until the end of the contract. Contract Activation - limit is available for use only on activation. Note: the parameter is relevant for overdraft loans without internal account product and instalment loans.
Max payment free months	Number	Enter the number of the payment free months per year that can be added to the loan contract.
Minimum month between	Number	Enter the number of months that should be in between the payment free months added to the loan contract.
Service account rule*	List	Select the rule defining if the service account is required for a contract. The parameter defines if the service account is generated automatically, or it can be left undefined. Shadow account created, Current account required, No service account.

Product groups

• Line of credit - a one-time loan arrangement. When the credit line is paid off, the lender closes the account.

• Revolving credit line - a type of on-demand that allows to disburse and repay the loan when requested by borrowers. This loan type has no repayment schedule. The loan remains open until the lender or borrower closes the account.

• General secured loans - in this type of loan, the borrower provides collateral - a valuable asset as security if they cannot complete the loan repayments.

• Unsecured loans - this type of loan does not require any collateral. Instead, lenders approve unsecured loans based on the creditworthiness of the borrowers.

• Umbrella credit facility - a non-revolving umbrella loan. The umbrella limit can be used to issue sub-contracts in full but only once.

• Umbrella revolving credit facility - a revolving umbrella loan. If the a revolving umbrella contract has:

  • A non-revolving sub-contract - the sub-contract repayment becomes available on the umbrella level.

  • A revolving sub-contract - the sub-contract limit amount becomes available on the umbrella level. Note that the sub-contract repayment is revolving only on the sub-contract limit on on the umbrella level.

Schedule

• Annuity - is a type of loan repayment schedule with a constant total repayment. The borrower makes consistent payments each period. The repayment amount is divided between the interest payment, the principal and the monthly fees.

  • Annuity PMT - is an annuity sub-type. The monthly repayment amount is calculated similarly to the annuity, assuming 12 equal length periods per year.

  • Adjusted annuity - is an annuity sub-type. All repayment dates are postponed to the next business day if it initially falls to a holiday.

• Amortisation - with the amortisation repayment schedule, the borrower pays fixed principal amounts. The loan amount is divided by the number of payments, and the interest is added on top.

• Bullet - the borrower only pays the interest and repays the entire principal amount at the end of the loan period.

  • Bullet adjusted - is similar to the bullet. However, if the payment day falls on a holiday, the repayment is postponed until the next working day.

• Percentage of principal repayment schedule - is used only for credit limit type products to specify the percentage from the used principle, which the borrower is expected to pay with the next repayment.

• Fixed amount principal repayment schedule - is only used for credit limit type products to specify the fixed amount from the used principle, which the borrower is expected to pay with the next repayment.

• Balloon - the payments occur on an agreed payment day.

  • Balloon adjusted - if the payment day falls on a holiday, the repayment is postponed until the next working day.

• No schedule - is used for the loan products with no predefined repayment schedule.