Creating a protect enabled loan contract

Once you have defined the protect fee and a lending product that uses it, you can create a protect enabled loan contract. 

Prerequisites

The following are the prerequisites to creating a protect enabled loan:

• A lending product is created.
• Protect Fee is set up for the lending product.

Steps

Perform the following steps to create protect based loan:

1. Start creating a loan contract for a protect enabled loan product. For steps to create a loan contract, refer to section Creating a Loan Contract.
2. Scroll down to the Protect Block section. The Protect Enabled check box is selected by default.
3. Select the Protect Type, for example, Partial or Full.
4. Specify the Protect Fee  Percent. This is the percentage of the loan amount that the borrower must pay as protect fee.
5. Select the Protect Waiver Type as Principal and Interest. This indicates the components that would be waived off if the borrower claims a protect.
6. Select the Ignore Waiver for Rebate check box if the borrower must be rebated irrespective of whether a waiver is claimed or not. 
7. Click Save.

The Protect section is updated with the actual Protect Fee Amount.