Overview
This page helps you understand how to add an equated interest payment schedule to a loan facility. As part of adding, you need to specify Interest Frequency, Compounding Frequency, Interest Principal Payment Day, Payment Convention, Interest Rounding Mode, and TDS Rounding Mode in the Interest Payment Schedule section of Drawdown tab.
Subsequently, you can preview and generate the schedule. However, to view the newly created schedule, you need to click on the Refresh button on the Interest Payment Schedule section.
The payments that are completely paid are displayed as Fully Paid whereas the part payments are displayed as Partially Paid in the Interest Payment Schedule section.
Note: Once a schedule is generated, you cannot generate the equated schedule again unless the existing schedule is deactivated.
Adding an Equated Schedule
1. On the Side Panel of Finvisage application, click Liability.
The menu is expanded.
2. On the expanded menu, click Loan Facility. See the image below:
The Loan Facility page is displayed on the right pane.
2. On the Loan Facility page, click the required loan facility.
The Drawdowns section is displayed.
3. In the Drawdowns section, click the External ID. See the image below:
The Drawdown page is displayed. See the image below:
4. On the Drawdown page, scroll down to the Interest Payment Schedule section.
5. Next, on the Interest Payment Schedule section, click the Menu button.
The drop-down menu is displayed.
6. Now, on the drop-down menu, click Add Equated Schedule. See the image below:
The New Interest Equated Schedule screen is displayed.
7. In the New Interest Equated Schedule screen, enter all the required details.
B. From the Compounding drop-down box, select the required option choosing from Monthly, Quarterly, Semi Annually, or Annually.
C. From the Interest Payment Day drop-down box, select the required date.
D. From the Payment Convention drop-down box, select the required convention.
Refer to the below table for the description of conventions.
| Convention | Full Form | Description |
| NADJ | No Adjustment | If this option is selected, then the system doesn't make any adjustment in case the interest payment date falls on a weekend or any other holiday. |
| FOLW | Following Day | If this option is selected, then the system will consider next working day as the interest payment date in case the payment date falls on a weekend or any other holiday. For example, if the interest payment date falls on a Sunday, then the system will consider next working day as the payment date. |
| PREV | Previous Day | If this option is selected, then the system will consider previous working day as the interest payment date in case the interest payment date falls on a weekend or any holiday. For example, if the interest payment date falls on a Saturday, then the system will consider previous working day as the interest payment date. |
| MD_FOLW | Monthly Adjustment Following Day | This option is used for monthly payment purpose. If it is selected, then the system will consider the following working day as the interest payment date in case the interest payment falls on a weekend or any holiday in a month. However, if the interest payment date falls on the end of a month and if it is a holiday, then the system will consider previous working day as the the interest payment date. For example, if Dec 31st is a holiday and if that is also the interest payment date, then the system will consider previous working day as the interest payment date. |
| MD_PREV | Monthly Adjustment Previous Day | This option is used for monthly payment purpose. If it is selected, then the system will consider previous working day as the interest payment date in case the interest payment date falls on a weekend or any other holiday in a month. However, if the interest payment date falls on the end of a month and if it is a holiday, then the system will consider following working day as the interest payment date. For example, if Dec 31st is a holiday and if that is also the interest payment date, then the system will consider next working day as the interest payment date. |
| EOM_NADJ | End of Month No Adjustment | This option is used for payment purpose. If it is selected, then the system will consider end of every month as the interest payment date. |
| EOM_FOLW | End of Month Following Day | This option is used for payment purpose. If it is selected, then the system will consider following working day as the interest payment date in case the payment date falls on the end of a month. |
E. From the Interest Routing Mode drop-down box, select the required rounding option.
Tip: Rounding means making a number simpler to the closest value. Refer to the below table for the description of routing modes.
| Routing Mode | Description |
| None | This option can be selected when there is no need to round the principal amount. |
| Round (0 Decimal) | If this option is selected, then the principal amount will be rounded to the nearest value without any decimals. For example, if the principal amount is 571.15, then it will be rounded as 571. |
| Round Up | If this option is selected, then the principal amount will be rounded up by adding 1 rupee. For example, if the principal amount is 571.75, then it will be rounded as 572. |
| Round Down | If this option is selected, then the principal amount will be rounded down by adding 1 rupee. For example, if the principal amount is 571.75, then it will be rounded as 572. |
| Round Up (2 Decimal) | If this option is selected, then the principal amount will be rounded up to 2 decimals. For example, if the principal amount is 571.752, then it will be rounded as 572.75 |
| Round Down (2 Decimal) | If this option is selected, then the principal amount will be rounded down by adding 1 rupee. For example, if the principal amount is 571.75, then it will be rounded as 572. |
F. From the Interest Rounding Mode drop-down box, select the required rounding option.
Note: For description on rounding modes, refer to the above table.G. From the TDS Rounding Mode drop-down box, select the required rounding option.
Note: For description on rounding modes, refer to the above table.H. After entering all the required information, click the Preview button.
The Preview screen is displayed.
I. In the Preview screen:
a. Review the schedule
b. Click the Generate Schedule button at the bottom.
The schedule is initiated.
J. Finally, click the Refresh button in the Interest Payment Schedule section.
The schedule is generated. See the sample image below.
