Previous Next JavaScript must be enabled to correctly display this content

## 2.7 Product

This topic describes the information about defining the product.

Loan products are often offered with different types of business components like interest, fees, tax applicable and different types of interest rate charts like fixed/floating or term/amount/rule based rates and different stages of schedule like Interest Only Installment (IOI) or Equated Periodic Installment (EPI) etc depending on the type of customer segment to who the loan product is being offered and also the purpose of loan.

Loan products help in configuring all these attributes and all these attributes are combined to derive a loan account repayment schedule. For example, A student loan can be created with floating interest rate with quarterly rate reset frequency with loan repayment schedule like Interest only Installment (IOI) for initial years until education is over followed by Equated Periodic Installment (EPI) with increasing installment amount every 2 years.

There can be multiple products created under a product segment each catering to different purposes of the loan with different stages of schedule, interest rates and other preferences. A Loan account inherits the properties of both the loan product and product segment under which it is created.

This topic contains the following subtopics:

- Create Product
  This topic describes the steps to create a new Product.
- View Product
  This topic provides the systematic instructions to view the list of configured products.

Parent topic: Maintenance