Step up schedule

Lenders have an option to step up the payments on a loan by a fixed amount or percentage, for every subsequent payment across the life cycle of the loan or a predefined period. Providing a negative value reduces the payment amount.

If you are upgrading to CL Loan 2.3007 or later, you must

• Add the Step Up Schedule related list to the: 

  • Loan Product Layout and Amortization Based Loan Product Layout of the Lending Product object

  • Loan Account Layout and Amortization Based Loan Payout of the CL Contract object

    For steps to add related lists, refer to section Create a Section or a Related List on a Page.

• Add the Step Up Option field to the Loan Product Layout and Amortization Based Loan Product Layout of the Lending Product object

  For steps to do this, refer to section Modify the Page Layout.

At least one step up schedule must be specified at the product level, to display the Step Up Schedule related list while creating or rescheduling contracts based on this product. The step up schedules can be viewed from the new Schedules tab, Step Up Schedules sub tab in the loan account page. 

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