You can adjust the payment schedule for a loan or lease as per the borrower or lessee's preference or ability to pay. This feature is available for applications created for a Loan or a Lease of type Loan.
You can add multiple payment schedules; however, overlapping schedules are not allowed.
Prerequisites
The following are the prerequisites to adding a flexible repayment plan:
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Repayment Method is specified in the application.
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CL Product is of type Loan or Lease (of type Loan)
Steps
Perform the following steps to add a holiday period in the application:
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Go to the application in which you want to add the holiday schedules.
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Select Amortizationin the list of tabs.
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Select the Flexible Repayment Schedules sub-tab.
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Specify the Start Dateand End Date of the payment period .
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Specify the Payment Amount for the specified dates.
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Select Generate Schedules. The payment schedule is generated as per the specified payment plan. The Payment Amount field in the Lease Pricing tab is updated with the payment amount.