Defining flexible repayment plan

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:

• Repayment Method is specified in the application. 

• 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 Amortizationin the list of tabs.

3. Select the Flexible Repayment Schedules sub-tab.

4. Specify the Start Dateand End Date of the payment period .

5. Specify the Payment Amount for the specified dates. 

6. 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.