Hi All,
Can anyone help in the following matter?
We required rescheduling a loan product in the mid of the repayment
schedule, as the state government passed an ordinance to redesign the
product schedule. So that which loan are already disbursed, though some
portion of the loan amount already collected but outstanding loan has to be
rescheduled as per the declared ordinance by the state govt.
The following is the detailed structure of the loan product.
For example:
The first created loan product have the following criteria.
Loan product details.
Product instance name: JLG - 4
Short name: JLG4
Product category: IGL
Start date: 30/06/2010
End date:
Applicable for: Clients
Include in Loan cycle counter: Yes
Calculate Loan Amount as: Same for all loans
Min loan amount
Max loan amount
Default amount
10000.0
20000.0
10000.0
Interest rate
Interest rate type: Flat
Max Interest rate: 10.00 %
Min Interest rate: 10.00 %
Default Interest rate: 10.00 %
Repayment schedule
Frequency of installments: 1 week(s)
Calculate # of Installments as: Same for all Loans
Min # of installments
Max # of installments
Default # of installments
50
50
50
Grace period type: None
Grace period duration: 0 installments
Fees
Loan Processing Fee-2
CTT
Accounting
Sources of funds:
BANK OF INDIA
SBI
Product GL code:
Interest: 31101
Principal: 13101
The new product should be designed in such a way that
The loan amount should be equal to the existing outstanding of the client.
Interest rate type = declining
Max Interest rate type = 20% on the outstanding
Frequency of installments = monthly
And the most difficult part of the loan designing is that to reschedule the
loans in such a way that the repayment period should be equal to the
existing period, means we should only increase the
scheduled amount which is paid by the clients in a monthly basic and the
interest type to 20% declining.
--
*Regards*
Pradeep Panda.
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