In Fairways Debt, you can configure prepayment penalties for a transaction.
Prerequisites
- Enable the Prepayment Penalties module (contact your Finance Active consultant)
- Create a standard loan
Navigate to the Debt & Derivatives Application
- Log in to your Fairways Debt account.
- Select a customer account.
- Navigate to Applications > Debt & Derivatives.
Configure a Prepayment Penalty for a Transaction
- Open a standard transaction.
- Navigate to Prepayment Penalties.
- Select a prepayment penalty type.
- Click Add Prepayment Penalty.
- Complete the form with all relevant details.
Note: Fields marked with an asterisk * are mandatory.
|
Field |
Description |
|---|---|
|
Name |
Reference of the prepayment penalty. |
|
Start Date |
Date from which the prepayment penalty policy applies. |
|
Notice Period |
How much time before the next payment date the borrower can notice the lender about their repayment request. |
|
Configuration |
Calculation of the fees applied for the early repayment. |
- Click Apply.
The prepayment penalty policy displays.