Automatic reschedule of loan

  • Updated

Automatic reschedule of loan

When excess payment beyond a predefined threshold value is received, it can be configured to trigger an automatic reschedule of the loan. Reschedule options for such cases can also be defined for the lending product. 

If you are upgrading to CL Loan 2.3007, you must

  • Add the following fields to the Amortization Based Loan Product and Loan Product layouts of the Lending Product object:

    • Reschedule Option On Excess Payment picklist

    • Excess Threshold % for Reschedule

  • Add the following fields to the Amortization Based Loan Layout and Loan Account Layout of the CL Contract object:

    • Reschedule Status

    • Reschedule Option On Excess Payment picklist

For steps to add these fields, refer to section Modify the Page Layout and Making Picklist Values Available for Editing.

For more information on automatic reschedule based on excess payment, refer to section Automatic Rescheduling of a Contract.

Recommended layouts

Lending Product Layout