The Grace Period is one or several installment(s) following disbursement for which the interest and fees may be defined differently from the rest of the installments.
Adding Grace Period to the Product
When a Credit Product is defined, go to the “Use grace period” tab and select one of the three options:
No Grace period: The option is disabled. The interest and loans are defined in the same way throughout the Loan term.
Grace period not included to the Loan term: When the loan term is defined, a grace period will be added to it (e.g. for a loan of 12 installments, there will be 3 installments under the Grace period rules, and then 12 installments).
Grace period included to the Loan term: When the loan term is defined, a grace period is included in it (e.g. loan for 12 installments, there will be 3 installments following the Grace period rules, and then 9 installments).
Effects of the Grace Period
When interest and most of the fees are defined, you can define if the fee shall apply to the Grace Period only, Main period only, or both
