Allow Credited (Rebated) when Account closed?
Tick if the element is to be credited/rebated upon Early Settlement or when closed.
Method
Select the Method the Element is to be rebated at.
| None | No rebate applicable. |
| Rule of 78 | Rebate is calculated using the mathematical formula called the Rule of 78. The rule gets its name from adding 12+11+10+9+8+7+6+5+4+3+2+1=78. The Rule of 78 calculation adds the sum of the full months remaining over the sum of the months in the full term, and gives this percentage as a rebate. |
| Proportional | Rebate method uses the Account's payment frequency to determine the whole number of intervals overall and remaining. |
| Proportional Daily | Rebate method applies Element Value evenly over the term of the contract, therefore the element value is divided by the number of day for the contract and multiplied by the number of days remaining. |
| Proportional Monthly | Rebate method applies Element Value evenly over the term of the contract, therefore the element value is divided by the number of months for the contract and multiplied by the number of full months remaining. |
| Contractual Interest | Rebate method is designed to be used in combination with the "Precomputed Contractual Interest" being charged upfront, so that Interest not yet earned can be rebated back to the Account. |
Less percent
The Basis is a rate of deduction used if you wish to reduce the rebate by a set percentage. For example the rule of 78 rebate may be given at 90%, therefore the deduction is set to 10%.
Start Basis
Defines the date that is used as the Start Date. It may either be the original Account Opening Date (the default) OR the Transaction date.
End Basis
Defines the date that is used as the End Date. It may either be the original/ last Restructured Maturity date Transaction Maturity OR the Current Maturity date (the default).
Option
Select the Option when calculating the rebate for Refinances.
| As Per Close | This is the default option, which uses the Close Method. |
| Not Used | Does not allow Credit/Rebate for Refinances. |
| Overridden | Allows a different Method to be used. |
Method
Select the Method the Element is to be rebated at.
| None | No rebate applicable. |
| Rule of 78 | Rebate is calculated using the mathematical formula called the Rule of 78. The rule gets its name from adding 12+11+10+9+8+7+6+5+4+3+2+1=78. The Rule of 78 calculation adds the sum of the full months remaining over the sum of the months in the full term, and gives this percentage as a rebate. |
| Proportional | Rebate method uses the Account's payment frequency to determine the whole number of intervals overall and remaining. |
| Proportional Daily | Rebate method applies Element Value evenly over the term of the contract, therefore the element value is divided by the number of day for the contract and multiplied by the number of days remaining. |
| Proportional Monthly | Rebate method applies Element Value evenly over the term of the contract, therefore the element value is divided by the number of months for the contract and multiplied by the number of full months remaining. |
| Contractual Interest | Rebate method is designed to be used in combination with the "Precomputed Contractual Interest" being charged upfront, so that Interest not yet earned can be rebated back to the Account. |
Less percent
The Basis is a rate of deduction used if you wish to reduce the rebate by a set percentage. e.g. the rule of 78 rebate may be given at 90%, therefore the deduction is set to 10%.
Element
Select the Element that the rebate value posts to.