Applying periodic fee on an LOC

Periodic Fees are posted to the customer's loan accounts on a routine basis (typically, weekly, monthly, bi-weekly, semi-monthly, monthly, bi-monthly, quarterly, semi-annually, annually, or on a single payment basis). This fee is applied for specific dates. You can create a periodic fee by defining the time of charge of the fee as Periodic. 

Prerequisites

The following is the prerequisite to adding a periodic fee on a LOC contract:

• The attached fee set has at least one fee of type Periodic.

Steps

Perform the following steps to add a periodic fee to a LOC contract:

1. Log in to your Salesforce account.

2. Click CL Contracts.

3. Click on the CL Contract ID, Details page is displayed.

4. Scroll down the page and click the Periodic Fee Setup tab.

   Note:

   If you have added the attached fee set containing the periodic fee to the Lending Product, then the contract by default displays those fees here in the Periodic Fee Setup. You can add more fees here too.
   

   
   

5. Click Add button to start the fee sequence if there are more than one fees to be applied.

6. Double-click under the Fee column to select the type of Fee.

7. Specify the Amount, which is the fee amount to be applied on the contract.

8. Specify the Next Recurring Fee Date. This is the recurring fee amount or the total amount divided across life of contract.

9. Click Save.

   Note:

   On the next due date of the contract, the fee is applied and added as a new charge under the Charges tab.