Edit or deactivate a loan interest rate

You can edit a loan interest rate if it is not yet used for any loans, or if it is used only for revolving (non-amortized) loans. If an interest rate is used for a non-revolving (amortized) loan, you cannot edit the interest rate.

You can always deactivate an interest rate.

1. Go to Lending Management > Setup > Loan interest rates.
2. Find the loan interest rate that you want to edit.
3. Select Edit at the end of the row.
4. Change or deactivate the loan interest rate.
   • Name: The name of a loan interest rate must be unique.
   • Type: You can change this field if the loan interest rate is not assigned to any loans. To change the type to non-revolving (amortized), there cannot be more than 1 period defined in the Loan interest rate schedule section.
   • Status: To deactivate the loan interest rate, change its status to Inactive.

     Deactivating a loan interest rate only means that you cannot assign it to new loan accounts. Any existing loan accounts that use the loan interest rate continue to use it, and the accounts and related reporting are not affected.

   • Loan interest rate schedule: You can change or add to the schedule as follows.
     • Add a rate.

       When you add a new rate, the start date must be after the previous rate's start date, and after the last period for which interest and statements have been generated.

       For example, if the previous rate's start date is January 1, and interest and statements have been generated through June, the earliest start date you can set is July 1.

     • Edit a rate.

       You can edit a rate if interest and statements have not been generated for the period that the rate covers.

     • Delete a rate.

       You can delete a rate if interest and statements have not been generated for the period that the rate covers.

5. Select Save.