Float rate revision
(Doc ID 2243063.1)
Last updated on MAY 22, 2020
Applies to:Oracle FLEXCUBE Universal Banking - Version 10.4 and later
Information in this document applies to any platform.
Bank wants to implement floating rate for CL modules for both existing and new contracts. Floating rate will change after every six months. So, whenever floating rate changes we don't want to update each contract manually. We can update each existing contract manually with new interest floating rate for the first time. We want system to update the new interest rate automatically to all contracts with that floating rate id when we make changes in floating rate id with that effective date. Here, we want to keep EMI constant and we can increase or reduce contract tenor automatically depending upon the new interest floating rate. Also we don't want to re-book the existing contracts and want to apply the floating rate in existing products.
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