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In this session we are looking at Interest Rate Groups.

Interest Rate Groups are used for specification on Loan Templates which are in turn used to open new Loans where the Loans will automatically inherit the Interest Rate Groups as specified on the Loan Templates, and of course the Interest Rate Groups can also be directly specified or edited on the Loans Records.

 

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We can of course have as many Interest Rate Groups as we need in our Loans Portfolio Management.

When Interest Rate changes occur, then we only have to change it on the Interest Rate Groups and the Loans will automatically, from its pointers to the Interest Rate Groups, know which New Rates apply to which Loans.

 

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An Interest Rate Group essentially has a Group Code and a Description. Then we can also have 1 or multiple Rates listed for a Period or a Date.

We can also have Rate Changes by Date, within a Period, in which case we will repeat the Period and specify the New Date for the Rate Change.

Now the Period Rate Indicators will apply when Interest must be calculated on Monthly Advance or Monthly Arrears.

When Interest is calculated on Daily Balance, then the System will look at the Date to determine the Interest Rate to apply.

 

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For each Interest Rate Group we can choose between Calculation on the basis of the 360-day year or the 365-day year.

These being two different methods that are applied in different parts of the world.

 

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Once we have Interest Rate Groups, then of course we can use them on the Loan Templates and the Loan Templates of course are used for the Opening of New Loans.

 

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On any Loan Master Record we can see which Interest Rate Groups are used for the various Interest Rate Indicators as inherited from the Loan template or as directly specified or edited.

 

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