How do I change the interest rate on a loan?
If the interest rate changes outside of the recorded rate lock range or if the fixed rate for your position changes, you need to manually add a new rate lock to the events.
1. Click on Events
2. Click on Add
3. Click on dropdown trigger
4. Click on Interest rate fixing
5. Type your rate fixing date
The Date column controls which date the position starts to count the interest. The Interest Retrieved column controls the date from which the reference interest rate is retrieved.
For a fixed loan where the interest rate in Date is changed manually, the Interest retrieved column does not play a role
6. Type your value
7. Click on Recalculate
8. Click on Save
9. If you already have a fixed interest rate on the right day, you can go directly to that line and change the interest rate
Keep in mind that on variable loans you should generally not enter the interest rate yourself, but with the correct settings on the loan, the system can retrieve the correct interest rate.