Revolving Credit Products

Products are created to define the key features of Instalment Loan accounts.

• Billing cycles: the length of cycles can be Weekly or Monthly
• Selectable statement date: default or customer selected
• Interest rates: different rates for transactions, e.g. purchase and cash withdrawals
• Fees: configurable fees, for example late repayment, over limit
• Grace period: set number of days to make repayment
• Minimum repayment amount: set formula for calculating minimum to repay, for example including interest, fees and a % of balance
• Repayment hierarchy, allocation of repayment against different debts
• Product Rules, defines actions based on events, e.g. triggering a penalty when an account is default