1.2 Creating a Product

In the Product Definition screen of every module, you can enter basic information about a product such as the Product Code, the Description, and so on. The Product Definition screens of the various modules of Oracle Lending are navigated from the Application Browser.

To capture details of product definition screen

Specify the User ID and Password, and login to Homepage.

  1. On the Homepage, type OLDPRMNT and click next arrow.
    The Bilateral Loans Product Definition

    Figure 1-1 Bilateral Loans Product Definition


    Description of Figure 1-1 follows
    Description of "Figure 1-1 Bilateral Loans Product Definition"

  2. In a Product Definition screen, you should specify the following details for the products you create:
    • A unique code to the product
    • A brief description of the product
    • The product type
    • The product group
    • A slogan for the product
    • The life span of the product
    • Remarks

    Note:

    Product Definition screen is specific to a module. To create an LD product, for an instance, navigate to Loans and Commitment Product Definition screen from the Application Browser. Similarly, to create an LS product, navigate to LS Product Definition screen from the Application Browser.
  3. You can enter below details in Bilateral Loans Product Definition screen. For information on fields, refer to the field description table.

    Table 1-1 Bilateral Loans Product Definition

    Field Description
    Product Code A Product Code identifies a product throughout Oracle Lending. This code should be four characters in length.

    When defining a new product, you should enter a code that is unique across the different modules of Oracle Lending. For instance, if you have used LC01 for a product in the Loans and Commitment module, you cannot use it as a product code in any other module.
    Product Description It may be difficult to recognize a product just by its code. In the Description field, therefore, suitably describe the product code so that it can be easily identified. This description is displayed along with the code throughout Oracle Lending.
    Product Type Product categories are referred to as Product Types. When you create a product, you must specify the type to which it belongs. For an instance, you should specify the product type as Loan if you are defining a lending product and Commitment if you are defining a Funds Transfer product.
    Product Group Products can be categorized into groups based on the common elements that they share. You must associate a product with a group. This facilitates the retrieval of information of a class of products at one stroke.

    Product Groups are maintained in the Product Group Maintenance screen, You can invoke the Product Group Maintenance screen by typing OLDPRGRT in the field at the top right corner of the Application tool bar and clicking the adjoining arrow button.

    Product Slogan You can enter a marketing slogan line for every product you create. This slogan is printed on all advices that are sent to customers who avail of the product.

    For example, if you set up a Loans product , you can enter the slogan Loans On Demand.

    Life Span of a Product A product can be defined to be active over a specific period. When you create a product, you can specify a Product Start Date and Product End Date for it. The product can only be used within the specified period. That is, within the Product Start Date and Product End Date.

    If you do not specify the Product Start Date, the branch date is displayed as the Product Start Date.

    If you do not specify an Product End Date for a product, it can be used for an indefinite period.
    Product Remarks When creating a product, you can enter information about the product intended for your bank’s internal reference. This information is not to be printed on any correspondence with the customer.
    Defining the Other Attributes of a Product Once you have specified the basic details of a product, you can define the other attributes for it. From the Loans and Commitment Product Definition main screen, you can move to the screen of your choice to define an attribute by clicking on the appropriate icon.
    The other product attributes that you can define include:
    • Interest, charges, and fees that you like to levy on contracts involving the product.
    • Taxes that apply on the contracts involving the product.
    • Type of accounts and the GL/SLs to which the accounting entries generated by contracts involving the product have to be posted.
    • Advices to be generated at different points in the life cycle of contracts involving the product.
    • List of allowed or a list of disallowed branches (of your bank) that can use a product.
    • List of currencies that are allowed or disallowed for a product.
    • Certain preferences, specific to a product.
    • Management Information System (MIS) details
    Discount accrual, Accrual fee details, Diary events for a product. The product attributes that you can define depends on the module in which you are creating the product. For instance, the attributes that you define for a product in the Oracle Lending (OL) module vary significantly from the product attributes that you define in the Funds Transfer module. For products you create in the OL module, you can define, interest, clause, and document details, whereas, these attributes cannot apply to products you create in the Funds Transfer module.

    Note: There are some fields in the product definition screens in which a value must be entered. If you try to save a product without entering details in these fields, the product is not saved. You are prompted to enter all mandatory details before attempting to save the product.

    For more information on fields and tabs, refer to Bilateral Loans User Manual.

Parent topic: Product Definition