9.1.2 Repayment Options

This topic provides information on the repayment options.

If the calculation involves flexible repayment options, user can include the same through the following options:

Table 9-3 Repayment Options

Option	Description
Flexible Repayment Allowed	Select the check box to include a flexible repayment schedule in calculation. On selection, the following sections are enabled. REPAYMENT SCHEDULE PAYMENT CHANGE SCHEDULE RATE SCHEDULE Based on the selection of repayment type in the subsequent field, any or all of the above sections are enabled to define the required flexible repayment schedules.
Type	Select any of the following repayment type that user want to use from the drop-down list. UNDEFINED SKIP PERIOD USER DEFINED GRADUATED PAYMENT EXTENDABLE BALLOON

1. Depending on the repayment type selected, complete the following sections:
   • If user have selected the type as UNDEFINED (default), user can specify only the Rate Schedule’ as explained in step 2.
   • If user have selected the type as SKIP PERIOD, select the months which user want to exclude in repayment schedule by selecting the adjacent check box.
   • If user have selected the type as USER DEFINED, click Add in Repayment Schedule section and specify the following information:

     Table 9-4 Repayment Schedule

     Field	Description
     Seq	Specify the sequence number of the repayment schedule.
     Pmt Amt	Specify the repayment amount borrower agreed to pay during the schedule.
     # of Payments	Specify the number of payments borrower agreed to pay for stated repayment amount during this schedule.
     Generated	View if the repayment schedule is generated.

   • If user have selected the type as GRADUATED PAYMENT, click Add in Payment Change Schedule section and specify the following information:

     Table 9-5 Payment Change Schedule

     Field	Description
     Seq	Specify the sequence number in which the repayment is calculated. It prioritizes the calculation.
     Option Type	Select the repayment option type: STEP UP, STEP DOWN and BULLET.
     Frequency	Select the frequency of payment. The default value is TERM.
     Period	Specify the loan period.
     # of Adj.	Specify the number of times the STEP UP, STEP DOWN or BULLET needs to happen.
     Value	Specify the value. For STEP DOWN, value ranges from 1 to 99. For STEP UP, value ranges from 1 to 990. For BULLET, value ranges from 1 to 99999999.

   • If user have selected the type as EXTENDABLE BALLOON, specify the maximum number of terms in the Extendable Balloon section.
2. If the calculation includes a promotion, complete the Rate Schedule section. Click Add and specify the following information:

   Table 9-6 Rate Schedule

   Field	Description
   Seq	Specify the sequence number of the rate schedule.
   Rate	Specify the repayment amount borrower agreed to pay during the schedule.
   Start Dt	Specify the date on which the borrower agreed to make the first payment.

3. After user specify all the required information click Calculate. The system computes the payment change schedule and populates the Repayment Schedule section.

   When user fund the loan application, the system copies repayment schedule information to the loan account on Customer Service screen where it appears in the Repayment Schedule section.