LOC bills as % of credit limit
A new value called "Percentage of Credit Limit" is provided in the Draw Billing Method and Repayment Billing Method to allow principal component of the bill to be calculated as a percentage of the total credit limit of the borrower. This option can be specified at the product and contract level, and the latter overrides the former.
For more information on this option, refer to section Percentage of credit limit.
If you are upgrading from an earlier version of CL Loan, you must add the picklist value Percentage of Credit Limit to:
- The Draw Billing Method and Repayment Billing Method fields of the Lending Product object, for the Line of Credit Product Record Type record, and,
- The Draw Billing Method field of the CL Contract object, for the Line of Credit record.
For information on the steps to do this, refer to section Modify the Drop Down List.
Please make sure that the picklist values you add are available for selection. To check this, go to object (for example, CL Contract), Record Types (Line of Credit), Picklists Available for Editing (Repayment Billing Method).
Recommended layout
The picklist value appears as follows in the field definition:
The field value in the contract or lending product appears as follows: