In the Loan how-to guides section, you will find the most common use cases leading to the loan contract version change. Click on the particular scenario below to find out more.
Contract change type*
List
Select the type of contract change from the list:
Change limit,
Change monthly repayment amount,
Change fee conditions,
Change payment free months,
Customise schedule,
Change loan period,
Change interest rate,
Change repayment conditions.
Change reason*
List
Select the loan contract change reason from the list:
Corona,
Death,
Laid off,
Sick leave,
Unemployment,
Other.
Fee*
Number
This is a non-editable field displaying the total activation fee applicable to the selected contract change type. The fee is calculated based on the loan product configuration. If no activation fees apply, the value is 0.
Note: to modify the fee settings, update the loan product configuration: Loans > Loan Products > Find the loan product > Update.
Apply fee
Checkbox
Select the checkbox if you want to apply the fee.
Customer solvency level*
List
Select the level of customer ability to meet long-term debts and obligations:
Normally performing credit,
Change is due to the customer’s slightly weakened ability to pay,
Change is due to the customer’s seriously weakened ability to pay,
Change is due to prevent credit going to non performing credit.
New loan period*
Number
Enter a new loan period in months. Note: this parameter is only used with the change loan period type.
New interest rate*
Number
Enter a new interest rate value. Note: this parameter is only used with the change interest rate change type.
New repayment amount*
Number
Enter the new repayment amount. Note: this parameter is used only with the change repayment conditions change type and change monthly repayment amount.
New payment day*
Number
Enter the new payment day when the loan payment is made. The value should be from 1 to 28. Note: this parameter is used only with the change repayment conditions change type.
New margin rate*
Number
Enter a new margin rate. Note: this parameter is used only with the change interest rate change type.
New limit*
Number
Enter a new limit amount. Note: this parameter is used only with the change limit change type.
Payment free months*
List
Select the payment free months. Note: this parameter is used only with the change payment free months change type.
Schedule re-generation rule*
List
Fixed payment -
the amount of instalments remains the same as in the original contract version if change interest type is selected.
the amount of instalments can be updated and new monthly repayment amount is set if the change repayment conditions type is selected.
Fixed length - the contract scheduled length remains the same as in the original contract version.
Fixed payment and length -
the amount of instalment and the contract length remains unchanged if change interest type is selected. The difference between the amounts after re-generation is assigned to the last payment in the loan repayment schedule - fixed payment length rule.
the amount of instalments and contract length can be updated if the change repayment conditions type is selected.
Note: this parameter is used for the change repayment conditions contract and change interest rate change types.
Exceptions from regular rate
Plus icon
Click the plus icon to add exceptions from the regular rate. Note: this parameter is used for the change interest rate change type.
Exceptions from regular rate:
Type*
List
Select exceptions from the regular rate:
Interest leave - sets conditions when the borrower does not pay the interest for defined period.
Temporary rate - set a temporary rate for the loan contract.
Note: this parameter is used for the change interest rate change type.
Exceptions from regular rate:
Interest rate*
Number
Enter the temporary interest rate. Note: this parameter is used for the change interest rate change type when a temporary rate exception is selected.
Exceptions from regular payment amount
Plus icon
Click the plus icon to add exceptions from the regular payment amount. Note: this parameter is used for the change repayment conditions change type.
Exceptions from regular payment amount:
Type*
List
Select the exceptions from the regular payment amount:
Payment leave - sets up a payment holiday without repayments,
Instalment leave - sets up a payment holiday with the interest repayments only,
Payment amount - sets up a payment holiday with a predefined repayment amount.
Note: this parameter is only used for the change repayment conditions contract change type.
Exceptions from regular payment amount:
Amount*
Number
Enter the payment amount. Note: this parameter is used for the change repayment conditions change type when a payment amount type exception is selected. when the type is payment amount.
Exceptions from contractual fee amount
Plus icon
Click the plus icon to add exceptions from the contractual fee amount. Note: this parameter is only used for the change fee conditions contract change type.
Exceptions from contractual fee amount:
Exception fee amount*
Number
Enter the exception fee amount. Note: this parameter is only used for the change fee conditions contract change type.
Start date*
Date
Select the exceptions start date. Note: this parameter is used to set up exceptions from contractual fee amount, exceptions from regular payment amount, and exceptions from regular rate.
End date (last excl.)
Date
Select the exceptions end date. Note: this parameter is used to set up exceptions from contractual fee amount, exceptions from regular payment amount, and exceptions from regular rate.
Note: the is a lookup parameter, and its values can be configured.
Note: the is a lookup parameter, and its values can be configured.
Once you select a content section, it appears in the contract version view.
Version Details: Information about the loan contract version, including its status, origination, and relevant dates. It also includes a list of Version Changes, specifying the loan contract change type used to create the version and any additional changes. Activation fee bookings are added based on the version change types.
Version conditions: Loan version contract conditions, including the contract and net amount, APR and schedule.
Contract limit: Loan contract limit amount and limit usage date.
Contract period: Initial and remaining number of payments and loan contract end date.
Disbursement rules: Details of the loan contract disbursement rules. This section is available only if the loan product has associated disbursement rules.
Repayment conditions: Monthly repayment amount and repayment frequency.
Interest: Information about interest conditions, including rates, rate type, calculation method.
Commitment fee: Information about the commitment fee (interest on the available limit). This section is available only if the commitment fee is activated for the loan product.
Fees: Fee information.
Penalty conditions: Details about the penalty type, rate and calculation method. This section is available only if penalty components are added to the loan contract.
Contract version is functionality that allows making changes to the loan contract. A contract has an unlimited number of versions.
Draft - the initial status of a loan contract version.
Draft confirmed - assigned when an initial loan contract draft version is confirmed.
Waiting for signature - appears if the loan product configuration requires the borrower's signature.
Waiting for activation - an intermediary status that appears once a draft is confirmed or signed.
Accepted - assigned when a loan contract version is accepted.
Activating - an intermediary status that appears before the contract version becomes active
Active - the primary contract version status, assigned once the draft is fully activated.
Blocked - indicates that the contract version is blocked. The version can be unblocked if necessary.
Default - appears when a loan contract is defaulted.
Replaced - a final status assigned when a new draft version is activated, replacing the current active version. Once replaced, the version cannot be reactivated.
Canceled - a final status assigned when a draft version is canceled. Once canceled, the version cannot be reactivated.
Closing - an intermediary status that appears before a contract version is closed.
Closed - indicates that the contract version is closed.
Reactivating - assigned when a closed loan contract is being reactivated.
It is only possible to have one active and one draft version at a time. However, you can have multiple top-up draft versions.
Common use cases for loan contract versions:
Changing repayment conditions,
Changing interest conditions,
Changing fee conditions,
Changing penalty conditions,
Changing limit amount.
In order to manage the loan contract version, the BackOffice offers the following options:
To create a new contract version, do the following:
Find the loan contract in question.
Go to the Contract tab > click the Change contract button.
Review the list of all existing versions.
Click the desired version to open it.
To activate a draft version, do the following:
Click the Activate button.
Confirm the draft activation.
To cancel a draft version:
Click the Cancel draft button.
Confirm the draft cancellation.
Activation Fee Bookings: Activation fee bookings related to the contract version. These bookings can be added to the contract version only if at least one of the change types listed in Version Changes is linked to an activation fee in the loan product configuration (i.e., a fee component with a fee booking rule set at activation). Note: you can modify the activation fee bookings, by clicking the change icon.
,
,
,
,
,
,
.
Fill in the new > Create.
Click the sign on the Version tab to view a list of available contract versions.
a draft version.
a draft version.
.svg?alt=media&token=ba0ba7da-e889-4e8c-909c-7b7334b624f3)
