Employee Loan Installments Term Changes
Employee Loan Modifications on Loan Term Changes
Change Loan Duration / Loan Interest Rate / Loan Installment Next Start Date
This app allows your loan team to do changes on loan terms for running loans of your Employee loans. Basically it allows you do loan modification for the Duration of loan, interest rate of loan and loan installment next start date.
- Allow the loan team to change loan terms during the running time of loan.
- You can only changes three parameter as loan modification as listed below:
- Loan Duration (Months)
- Loan Interest Rate
- Loan Next Installment Start Date
- System keeps the history of your loan changes on loan terms as a history record and shows it in the history tab.
- Loan Duration (Months) Change -> When the loan team changes duration then the system will recompute all the remaining loan installments (not paid) and compute loan installments with new duration.
- Loan Interest Rate -> When the loan team changes interest rate then the system will recompute all the remaining loan installments (not paid) and compute loan installments with new interest rate.
- Loan Next Installment Start Date -> When the loan team changes the next installment start date then the system will recompute all the remaining loan installments (not paid) and compute loan installments and start them with new next installment start date so all the installments will follow that start date and recompute its start and end accordingly.
- Allow you to change loan terms multiple times for the same loan and keeping history.
- Sometimes the system has to remove/delete loan installment (for e.g in case if you reduce duration) in such case the system does not delete it permanently instead of that system archive it.
- Note: System will never touch on loan term changes for all the installments which have been paid already so the system will skip it during recomputation.