Adding a holiday schedule

You can specify holiday periods in the tenure of the loan or lease application during which the borrower makes no payment. This can be a recurring holiday or specific periods. The amortization schedule skips these holiday periods. If any payments fall on the financial institution's business holiday, it is scheduled as per the holiday behavior setting in the CL Product. For more information on configuring holiday behavior, refer to section Setting up a CL Product in the Q2 Origination Administration Guide.

You can add multiple holiday periods in an application.

Prerequisites

The following is the prerequisite to adding a holiday schedule:

• CL Product is of type Loan or Lease (of type Loan)

Steps

Perform the following steps to add a holiday period in the application:

1. Go to the application in which you want to add the holiday schedules.

2. Select Amortization in the list of tabs.

3. Select the Holiday Schedules sub-tab.

4. Specify the Start Date and End Date of the holiday period.

5. Select the Recurring checkbox if this holiday repeats every year.

6. Select Generate Schedules. The payment schedule is generated, with no payments during the holiday periods. The Payment Amount field in the Lease Pricing tab is updated with the payment amount.