3.8 Loan and Funding Details Tab

This topic explains the Loan and Funding details tab of Product Maintenance Detail screen.

You will be able to see this link only if, for the product, you have selected the option Yes against the field Funding Features Supported?, in the Product Type Maintenance Detail screen.

The funding rules that you specify in this screen, are valid only till the maturity date of the product.

  1. On Product Maintenance Detail screen, click Loan and Funding Details tab to enter the details.
    The Loan and Funding Details are displayed.

    Figure 3-8 Product Maintenance Detail_Loan and Funding Details Tab


    Description of Figure 3-8 follows
    Description of "Figure 3-8 Product Maintenance Detail_Loan and Funding Details Tab"

  2. On Loan and Funding Details tab, specify the fields.
    For more information on fields, refer to the field description table.

    Table 3-8 Loan and Funding Details - Field Description

    Field Description
    Funding Details

    This section displays the following fields.
    Funded Product

    Optional

    Select whether the Product is a funded product or not from the drop-down list, wherein a portion of the initial investment and subsequent top-ups, if any, will be retained.
    Funding Frequency

    Alphanumeric; 1 Character; Mandatory if Funded Product is Yes

    Specify the frequency at which the funded amount will be repaid to the investor.

    Note: You cannot change the funding frequency for a policy.

    Frequency Desc

    Display

    The system displays the description for the selected funding frequency.
    Funding Factor

    Numeric; 5 Characters; Mandatory if Funded Product is Yes

    Specify the funding factor that is applicable to policy transactions in this Product. This must be expressed as a percentage and cannot exceed one hundred percent.

    Note: You will be allowed to change this at the policy creation level for the initial contribution and then at the transaction level for top ups.

    Funding Period

    Numeric; 3 Characters; Mandatory if Funded Product is Yes

    Specify the duration of the repayment period, at the end of which the entire funded amount will be paid back to the investor.

    Note: You can change the same for a policy.

    Loans

    This section displays the following fields.
    Loan Applicable?

    Optional

    Select Yes if Loan is applicable, else No.

    Geared Loan Factor

    Numeric; 5 Characters; Optional

    Enter the geared loan factor.
    No of Loan Allowed

    Numeric; 5 Characters; Optional

    Enter the number of loans allowed.
    Loan Interest Percent

    Numeric; 5 Characters; Optional

    Enter the loan interest percent.
    Minimum Loan Amount

    Numeric; 18 Characters; Optional

    Enter the minimum loan amount.
    Maximum Loan Amount

    Numeric; 18 Characters; Optional

    Enter the maximum loan amount.
    Redeem Loan Interest from holdings

    Numeric; 1 Character; Optional

    Enter the redeem loan interest from holdings.

Parent topic: Product