Loan Templates
Loan templates allow the bank to setup pre-established products for a home loan. Banclo automatically provides the bank with a default home template, with an initial fixed period set at 1.0 and variable period of 1.6 on top of the base rate.
Loan templates can be created/amended in line with your bank and client needs by going to the loan template options through Settings > Loan Templates.
Creating a new template
Configuration
- Click on Create Loan Templat
- Insert the name and description
- Configure the loan engine
- What currency to use (default: EUR)
- The frequency (default: Monthly)
- How many days in the month. This is used by the mortgage engine (default: 30)
- How many days in the year. (default: 360)
The Loan templates screen also allows to create separate periods to split different rate types, a common example is the first period being fixed at 1.0 and the second period shifting to a variable rate.
Periods
Periods can be either INTEREST ONLY, FIXED or VARIABLE.
- INTEREST ONLY - The client pays only interest, no principal is deducted.
- FIXED - An interest rate is applied month on month on the remaining principal.
- VARIABLE - Works similar to to the FIXED however takes into consideration a base rate.
Once happy with your settings, pressing submit will create your template readily available to be assigned to any client.
Charges
In this tab, the bank can associate the set of charges which are to be applied. Charges can either be populated from the pre-existing charges or new ones are assigned only to this loan template.
Collaterals
In this tab, the bank can associate the set of collateral which are to be applied. Collateral can either be populated from the pre-existing collateral or new ones are assigned only to this loan template.