Term Loans

A term loan is a banking product which defines a loan for a specific amount that has a specified repayment schedule and either a fixed or floating interest rate.

To manage banking products:

  1. Log into Innovation Studio.
  2. Click the main menu icon at the top left corner.
  3. In the main menu, click Product Factory.
  4. Click Banking Products to open the Banking Products List page.

On the Banking Products List page, you can:

  • Add a new banking product by clicking the Insert button at the top right corner.
  • Edit an existing banking product from the list by double-clicking it.
  • Delete a banking product by selecting it and clicking the Delete button at the top right corner.
NOTE  
For banking products in Active status, you can't change any of their related entities (such as features, discounts, product guarantee, interest or commission item, formula, test scenario, product covenant, product disbursement, product availability item filter). To change any of the product's related entities, create a new version of the banking product record.

Creating Term Loans

To create a new banking product, click the Insert button on the top right side of the page. A new page opens, with a series of tabs that assist you in configuring the banking product:

  1. Main Info - The first tab requires the basic elements for the creation of a product such as product type, name, code, hierarchy and features.
  2. Details - This tab requires further elements that build on the first tab such as payment type, top-ups, withdrawals and associated products.
  3. Availability - This tab determines the monetary range and the time frame when the product is available for customers.
  4. Dimensions - This tab displays the interests, commissions, insurances, discounts and questions valid for a product.
  5. Product Formula Engine - In this tab, you can attach a formula that triggers calculations to determinate the eligibility of a customer, for example.
  6. Documents - This tab contains all the attached documents available for a product.
  7. Lean Core Settings - This tab holds Core Banking related settings, such as transactions that are done to and from a banking product, reconciliation account associated with the product, mandatory roles for contract approval, payment allocation settings, or closing contract settings are found in this tab.
  8. History - This tab displays the versions of the product, along with workflow status and the user who modified the product.
  9. Origination Elements - This tab holds the elements required in origination journeys, such as product benefits, display conditions, features, destination types, or associated products.
  10. GL Settings - This tab contains the accounts to be used by Operational Ledger for transactions performed on contracts based on this banking product.