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Click Add to define the interest conditions for the credit product. The parameter details are as follows:
Interest type*
List
Select one of the following options:
Interest on purchase,
Interest on cash withdrawals,
Interest on amount over limit,
Interest on instalment plan termination.
Method*
List
Select one of the following interest calculation methods:
Actual/Actual - To get the monthly interest rate, divide the interest rate by the actual number of days in a year and multiply it by the actual number of days in a month.
Actual/365 - To get the monthly interest rate, divide the interest rate by 365 and multiply it by the actual number of days in a month.
Actual/360 - To get the monthly interest rate, divide the interest rate by 360 and multiply it by the actual number of days in a month. (By assuming that there are 360 days in a year.)
30/360 - To get the monthly interest rate, divide the annual interest rate by 360 and multiply it by 30. (By assuming that there are 360 days in a year with 30 days in each month.)
Min interest rate*
Number
Enter the minimum allowed interest rate for the credit product.
Max interest rate*
Number
Enter the maximum allowed interest rate value.
Default interest rate*
Number
Enter the default interest rate value.
Click Add to add more interest conditions. Click the cross icon to remove conditions.
In this section of credit product creation, you can configure different interest conditions for transaction types.
Click Add and enter the following parameters:
Transaction type*
List
Select the transaction types from the drop-down menu.
The interest conditions you have defined for the credit product will be applicable to the transaction types that you select here.
Grace type*
List
Select one of the following options:
Fixed period - Fixed number of days from the transaction date.
Payday - Until the next repayment date.
Infinite grace period
Grace days
Number
Enter the number of days after the payment due date has passed when the interest will be applied. Note: this field is only displayed if you select Fixed period as the Grace type.
Interest type
List
Select one of the following options:
Interest on purchase,
Interest on cash withdrawals,
Interest on amount over limit,
Interest on instalment plan termination,
Interest.
Note: this field is not displayed if you select Infinite grace period as the Grace type.
Here you can define the credit product price list settings:
Allowed price lists*
List
Select the price lists that are allowed for the credit products.
Default price list*
List
Select the default price list.
If you do not have a product price list configured, you can create a new one by clicking the Create price list button. Fill in the parameters for the new price list > Save.
The product price list parameters are the following:
Price list code*
Text/Number
Enter the price list name.
Description
Text/Number
Enter the description for the price list.
Validity start date*
Date
Select the start date from which the price list is valid.
Validity end date (last value excl.)
Date
Select the end date till which the price list is valid. The last value is excluded from the validity range.
Organisation unit*
List
Select the tenant where the credit card product is offered.
The parameter details for the General conditions section are as follows:
Product code*
Text
Enter a name for the credit product.
Status*
List
Select one of the following values for the status of the credit product:
ACTIVE - credit product is active to use:
Credit offer can be created.
Credit product cannot be updated in this state.
INACTIVE - Credit product is inactive to use:
Credit type can be updated in this state.
Credit type is created in this state.
Credit offer cannot be created.
The default value is ACTIVE.
Description*
Text
Enter a description for the credit product.
Currency*
List
Select a currency from the drop-down menu.
Country*
List
Select a country from the drop-down menu.
Card scheme*
List
Select one of the following card schemes:
Mastercard,
Visa.
Min credit limit*
Number
Enter the minimum amount of credit limit that will be applicable for the credit product.
Max credit limit*
Number
Enter the maximum amount of the credit limit.
Default credit limit*
Number
Enter the default amount of the credit limit.
Offer valid days*
Number
Enter the number of days for which the offer is valid.
APR calculation rule
This field is non-editable and the value is fixed as EFFECT.
APR (Annual Percentage Rate) refers to the annual interest that is generated on the borrowed amount. The value EFFECT means that the effective annual interest rate is returned, given the nominal annual interest rate and the number of compounding periods per year.
Credit account type*
List
Select a credit account from the drop-down menu.
Account types are fixed in Tuum’s platform, these determine the account behaviour within Tuum.
A credit account is a part of a credit contract, this holds the credit limit, principal balance, reservations and transactions
Reporting product code*
List
Select a reporting product code from the drop-down menu.
Service account rule*
List
Select one of the following options:
Current account,
No account.
This value defines whether there would be an account from where repayments are done. If defined as No account, means that there is no account from where repayments are done.
Reference number generation rule*
List
Select one of the following options:
7-3-1 method,
SEPA reference number,
None.
Organization*
List
Select an organisation unit from the drop-down menu. The organisation unit is used to manage users and their roles.
Click Add to add more types. Click the cross icon to remove conditions.
To manage a new price list and to add/remove the fees, go to Cards > Settings > Price lists > select the price list in question. See more about .
See the for more details.
For credit products, disbursement refers to moving the funds from the credit account to the customers’ current account.
Enter the following details:
Min withdrawal type*
List
This field determines the method to calculate the minimum amount for the manual transfers from the credit account to the servicing account.
Select one of the following options:
FIXED - A fixed amount.
PERCENTAGE - A percentage of the credit limit.
Min withdrawal amount
Number
Enter the minimum amount to be transferred from the credit account to the current account.
Note: this field is mandatory if you select the Min withdrawal type as Fixed.
Min withdrawal rate
Number
Enter the minimum percentage of the credit limit for the withdrawal.
Note: this field is mandatory if you select the Min withdrawal type as Percentage.
Here you can define the invoice generation conditions for the credit product. Enter the following parameters:
A credit product enables you to create a predefined set of credit conditions that can be used later to configure credit card products. Using the same credit product with multiple credit card products is allowed.
Select Cards > Products > Credit products to start creating a credit product. The Credit products page opens. On this page, you can see the list of the existing credit products.
To add a new card product, click Add new product, and the New credit product page opens. Fill in the credit product details > Submit.
See the next subsections for the parameter details to create a credit product:
Invoice generation day
Number
Enter the day of the month when the invoice will be generated.
Invoice due day
Number
Enter the day of the month when the invoice is due.
First invoice lag*
Number
Enter the minimum number of days that must be between the contract activation and the first invoice generation.
A lag is used to avoid generating an invoice in a couple of days after the contract activation.
To define the repayment conditions for the credit product, enter the following details:
Repayment rule*
List
The repayment rule determines how the credit amount will be repaid by the customer.
Select one of the following repayment rules:
Fixed principal amount, interest and fees added on top,
Percentage of outstanding balance plus interest and fees,
Fixed total repayment amount,
Total amount of previous period card payments plus interest and fees.
Min invoice amount*
Number
Enter the minimum repayment amount for which the invoice will be generated.
If the total amount of the invoice is less than the minimum invoice amount, then the principal repayment amount is increased to this minimum invoice amount.
Fee repayment method*
List
The fee repayment method refers to the type of repayment rule of the fee booking.
Select one of the following options:
INVOICE - The repayment is put on the next regular invoice.
TRANSACTION - The repayment is debited automatically from a related service account with a separate account transaction. No invoices are issued.
Min repayment amount
Number
Enter the minimum amount that will be repaid by the customer.
Min repayment rate*
Number
Enter the minimum rate for the credit card repayment.
Premature repayment allowed
Checkbox
Select this option if you want the premature repayment to be automatically processed to repay outstanding balances.
Formation rules determine how the invoice will be formed. To create an invoice, you need to include the component details and the order of the components. For example, components can be principal, interest, and fees.
You can add formation rules for:
Periodic invoice,
Premature repayment invoice.
To add the formation rules, click Add and enter the following information:
Component
List
Select a component that you want to add to the invoice.
Source name
Text
This field is read-only. The source of the component is filled automatically according to the component you select.
The following screenshot shows sample rules for the Periodic invoice tab:
The following screenshot shows sample rules for the Premature repayment invoice tab:
Click Submit to create the credit product.
Depending on your selection of the parameter Status value in General conditions, the created credit product is either Active or Inactive.
Click Add to add more rules and click the cross icon to remove the rules. To change the order that the components appear on the invoice, drag the hamburger icon up or down.
To define the debt conditions for the credit product, enter the following details:
Blocking days
Number
Enter the number of days after delayed repayment (debt) when the credit account is blocked.
Default days
Number
Enter the number of days from delayed repayment when the credit contract is default.
The line rules are used to determine the order in which the repayment will be done.
You can add line rules for:
Periodic invoice,
Premature repayment invoice,
One-time invoice.
Click Add to add the line rules and enter the following information:
Component
List
Select a component that needs to be repaid. For example, principal, monthly fees, and withdrawal fees.
The following screenshot shows sample rules for the Periodic invoice tab:
The following screenshot shows sample rules for the Premature repayment invoice tab:
The following screenshot shows sample rules for the One-time invoice tab:
Penalty rates are used when the customer does not make the monthly minimum payment or makes a late payment on the credit card.
Click Add to define the penalty conditions for the credit product. The parameter details are as follows:
Penalty fee enabled
Checkbox
Select whether a penalty fee is applicable for the credit product.
If you select this option, enter values for the following parameters:
Penalty grace days* - Enter the number of days after the payment due date has passed when the penalty fee will be applied.
Penalty grace amount* - A maximum invoiced overdue amount at which the penalty calculation is not applied.
Penalty type*
List
Select one of the following penalty options:
PRI_P - The penalty rate is calculated based on the principal amount.
INSTALMENT_PRI_P - The penalty rate is calculated based on the instalment principal amount.
Default rate*
Number
Enter the default penalty rate.
Method*
List
Enter one of the following rate calculation methods:
Actual/360,
Actual/365,
30/360,
Actual/Actual.
Click Add to add more rules and click the cross icon to remove the rules. To change the order in which the components will be repaid, drag the hamburger icon up or down. You can also drag the components to group them.
Click Add to add more penalty conditions. Click the cross icon to remove conditions.
