Loan

This page provides a quick summary of the application, payment terms, and conditions. It has the following subsequent sections:

Loan Summary- Select it to know more details about the application.

Edit the required details (if the application is not locked) and then select Save.

Field Name	Description
Requested Loan Amount	This field represents the loan amount that was entered while creating the application.
Loan Amount	This field represents the loan amount.
Branch	This field represents the branch selected during application creation. This field drives the logic on currency codes, rate cards, etc.
Asset Class	This field represents the name of the asset class of the selected lending product.
Product	This field represents the lending product selected during application creation.
Owner	This field represents the name who is being assigned to the application for its processing.
Purpose	This field represents the primary purpose of the application selected during application creation.
Stage	This field represents the department in which the application is currently pending, such as Underwriting, Closing.
Status	This field represents the application status.
Deal Rating	This field represents the Credit Rating which is derived by the system.
Loan to Value Ratio	This field represents, the Loan-to-Value (LTV) ratio, the ratio of a loan to the value of an asset purchased. The term is commonly used by financial institutions to represent the ratio of the loan borrowed as a percentage of the total appraised value of a real estate property, considering LTV as a factor of loan repayment capacity.
Loan Number	This field represents the loan application number.

Payment Terms - Select it to know more about the payment schedule, terms, interest rate, etc.

Edit the required details (if the application is not locked) and then select Save.

Note:

On editing the Requested Loan Amount, Term, Payment Frequency, Amortization Term, Interest Rate, Interest Only Period, the Payment Amount gets recalculated and the updated value is displayed on the application details page.
When the Term and Payment Frequency are edited for any application, the maturity date of the application is automatically updated. Consequently, if there are any covenants associated with the application, the expiry date of the associated covenants is also updated accordingly.

Field Name	Description
Interest Rate	This field represents the interest rate of the loan.
Term	This field represents the term of the loan.
Amortization Term	This field represents the Amortization Term over which the borrower payments can be spread. If this is shorter than the loan term, the last payment is a balloon payment.
Payment Frequency	This field represents the loan payment frequency, For example, Weekly, Annual, so on.
Expected Close Date	This field represents the expected closing date of the loan application.
Expected First Payment Date	This field represents the expected first payment date of the loan.
Payment Amount	This field either represents the first Payment Amount from the Payment Schedule or the first payment amount having non-zero principal from the Payment Schedule based on the custom setting selection.
Maturity Date	This field represents the maturity date of the loan payment.
Interest Calculation Method	This field represents the interest calculation method. For example, Declining Balance, Flat, and Flexible Repayment .
Repayment Procedure	This field represents the repayment procedure type. For example, The repayment procedure, Equated Principal , Flexible
Due_Day	If this field is NULL, it will have the Expected First Payment Date value.

The following loan codes are being used: