Covenants are conventions that applicants must abide by after getting the loan. This is usually applicable for corporate clients that must meet certain requirements in order to continue to receive disbursements. The Covenant dictionary is used to manage the covenant records further used in Banking Product Factory and in Core Banking.
To manage covenant records:
- In the main menu, click Product Factory > Banking Product Dictionaries > Covenant, and the Covenants List page opens.
- On the Covenants List page, you can add new covenant record or search, edit, and delete existing ones.
You can insert, update, or delete records if you have the associated role of Banking Product Admin.
If you want to create other records than the predefined covenant records that come out-of-the-box with the Banking Product Factory package, follow these steps:
Click the Insert button on theCovenants List page. The Add Covenant page is displayed.
Fill in the following fields:
Name: Enter the name of the covenant.
Type: Select the type of the covenant from the drop-down. Possible values:
Affirmative, Negative, and
Description: Enter the description of the covenant.
Click the Save and Reload button. The new covenant is created and ready to be used.