Floating interest rate and flexible repayment for LOC
You can define a floating interest rate for a line of credit contract.
If you are upgrading to CL Loan 2.3007 or later, you must add the required fields to the contract page layout.
Add the following fields to the Line of Credit Product Layout in the Lending Product object:
- Floating Rate Index
- Interest Type (picklist)
- Margin Rate
For steps to do this, refer to section Modify the Page Layout.