4.9.17.4 Default Interest Schedules

Here you can specify the default interest schedules for each interest component of a drawdown product. The schedule maintained here gets defaulted to any new drawdown under the respective product.

Table 4-16 Default Interest Schedules

Fields	Description
Reference	Select the reference on which you want to schedule the interest from the drop-down list provided.
Frequency	Select frequency on which you want to schedule the interest from the drop-down list provided.
Frequency unit	Select the unit of frequency on which you wish to schedule the interest from the drop-down list provided.
Month	Select the month on which you want to schedule the interest from the drop-down list provided.
Date	Select the date on which you want to schedule the interest from the drop-down list provided. Note: This Interest is only for the Interest Component of a Normal contract. It is not applicable for Principal Component. Also this schedule is not be applicable for PIK Margin component.
Alternative Risk-Free Rates Preferences	The options of Alternative Risk-Free Rates Preferences are defaulted from Interest Class Maintenance screen (LFDINTCL). While booking the contract you can modify the Alternative Risk-Free Rates Preferences options. You cannot modify the preferences during contract amendment and value dated amendment. In case loan is booked with Alternative Risk-Free Rates Preferences and during contract amendment if you try to change the preferences to LIBOR Fixed/Floating, then the following error appears Modification of parameters from RFR to Non-RFR and vice-versa is not allowed. For more information, refer to Interest User Manual.