4.12.1 Maintaining Contract Level Refinance Rates

If you have indicated that you would like to maintain a fixed rate for refinancing, you have to capture the effective dates along with the effective refinance interest rates through the Refinancing Rates Maintenance screen. Click the Refianance Rate in the MIS screen.

When you invoke this screen, the reference number of the contract for which you are maintaining refinancing rates appears in the respective field. Similarly, the booking date of the contract is to be defaulted in the Booking Date field.

• Specifying the Effective Date

  You have to specify the Effective Date with which you would like to associate the refinance interest rate. You are allowed to maintain any number of Effective Date and Refinance Rate combination records.

  Note:

  The effective date is the date on which the refinance rate comes into effect. Once a rate comes into effect, it is applicable till a rate with another effective date and reference number combination is maintained.
• Specifying the Refinancing Rate

  You can specify the refinancing rate that is to be associated with the effective date.

  Note:

  If the Rate Type you have specified is either Floating Automatic or Floating Periodic the system automatically calculates and populates the effective date and refinancing interest rate in the respective fields after the EOD processes have been run successfully.