A range of flexible Interest types are also available to deliver on clients requirements:
Concessional Rate Interest - The system provides flexibility to change this at any point in the Loan Lifecycle (witht the ability for recalculation of the loan payment calendar if needed).
Standard Rate Interest – This is the "Default" Interest charged.
The system is sophisticated enough to be able to put a loan "into and out of" the "standard rate" or "concessional rate" at any point in the loan lifecycle.
These rates can be set for each and every loan at the start of the loan but it's also possible to modify them at any point in the loan lifecycle.
The current and archived copies of the payment calendar are attached to the loan card for tracking.
The solution allows the inclusion of Fees of different types at any point during the
Life Cycle of a Loan as well as the following features:
- Ability to Pay Down Loans or Settle Loans at any point during the Loan Lifecycle.
- The ability to be able to "Draw Down" a Loan, as in extend the loan principal amount and loan additional funds on the same loan.
- The ability to easily calculate a payout settlement figure of a loan accurately at any point in the Loan Lifecycle.
- Note Taking / Auditing / Audit Trails
- Calculate Loan-to-Value Ratio