How to Edit a Loan Application's Interest Rate
- Ivy Nzioka (Unlicensed)
Analytics
If there is a need for you to modify the interest rate applied for by an applicant, you can do so with just a few clicks on the Application Details page. Simply follow the following steps.
Important to note
It is best practice to reach an agreement with the customer about the new interest rate prior to modifying the interest rate.
You can modify the interest rate for applications in Pending or Under Review status or Offer Letter Sent status only.
The new interest rate can not be more than the maximum interest rate for the policy.
The new interest rate can not be less than the minimum interest rate for the policy.
Go to the applications details page of the application you wish to modify.
Click on Edit beside the interest detail on the applications details page.
3. Enter the new interest rate.
4. Click Update.
The new interest rate is saved and the action is reflected on the application history tab.
The customer will also receive an email notifying them of the interest rate modification made to their loan application.