How To Modify The Terms Of A Loan

After a loan is active, you may want to modify its terms. You can change number of payment periods, the payment amount, and the interest rate (if allowed by the SA type). To modify the terms of a loan:

• Navigate to the Loan maintenance page.
• If you used the account context menu, the loan you want to modify may be displayed. If not, use the search dialog that appears to search for and select the loan you want to modify.
• In the Renegotiate Future Payments section, change the interest rate (if allowed), the number of payments, or the payment amount. Note that either the number of payments or payment amount must be blank.
• Click Calculate. The Forecasted Schedule is recalculated along with either the new payment amount or the new number of payments (depending on which was left blank).
• If the renegotiated payments are satisfactory to the customer, save the changes.

When you save the changes, appropriate entries are made in the Override Interest Rate and Payment Amount grids.