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The main settings of the credit product are defined in the “Schedule building” tab.
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Remaining principal: Decreased when part of the principal is paid off. Does not depend on the fees.
Loan amount: stays the same throughout the loan term.
Installment balance: The amount due for the specific installment, including all the fees accrued during this installment.
Loan Phase
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If Define if the interest shall be included in the Grace period
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if the Grace Period is defined for the loan.
Please note that the Grace period is not related to the “Grace days”. The Grace period is one or several installment(s) that can take place at the start of the Loan Term or before the Loan Term - for which dedicated fee and interest rules can be defined.
Loan Offer Constraints
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Define the minimum and maximum limits for the loan amount and term. The values below or above the limits will be declined by the system for this Loan of the Credit Product.
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Max amount: Specify the maximum loan amount.
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Min term: Set the minimum loan term.
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Max term: Set the maximum loan term.
Fees
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Define the fees that must or can be assigned to the loans of the Credit Product.
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Click the “Add fee” button and select one of the available fees. The list of fees depends on your account: a dedicated article is devoted to the fees and ways to add and modify them.
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When the fee is selected, you will see a tab with adjustable fee values. The list of values and settings is limited according to the most common industry standards. However, should you need more adjustments, please address TurnKey Lender team.
2. Fees
Add fee: Click to add any fees associated with the loan.
Manage repayment priority: Manage the priority of repayments for various fees and principal amounts.
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