Secured or Unsecured Term Loan

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 create a contract based on a Term Loan banking product, follow the steps described in the Creating Contracts page, making sure that you select Term Loan in the Product Type field and a Unsecured Loan or Secured Loan banking product in the Banking Product field. After saving the contract, go through each tab and fill in the general and the specific information for this type of contract:

Possible Changes in New Contract Versions

The changes that can be made to a new version of an unsecured/ secured loan contract are:

  • The Financed Amount can either be increased or decreased. The amount can be decreased with a number less than or equal to the Available amount. Financed amount can be increased up to the maximum value specified on the banking product.
  • Current Account attached to the loan contract can be changed to any other active account belonging to the customer.
  • Product Interest can be changed to any other type set on the banking product.
  • Schedule type can be changed with ant other type set on the banking product.
  • Contract period cannot exceed the maximum set on the banking product.
  • Repayment due date can be changed with any value between 1-31.
  • Grace Period can be changed up to the maximum number of months set on the banking product.
  • After any of the above changes, in order to approve the new version of contract, you must recalculate the Contract Repayment Schedule.