Set Up Terms and Conditions for Loan Products

Create term records to outline the conditions and expectations that the applicant must fulfill during the loan tenure. For example, if you don’t want the applicant to repay the entire loan amount within three years, then create a term record with a lock-in period of three years. Similarly, if you want the applicant to pay 50% of the interest within five years, then create a term record with Repayment 50% of interest within five years.

Required Editions

Available in: Lightning Experience

Available in: Professional, Enterprise, and Unlimited Editions

User Permissions Needed
To activate picklist values:	Customize Application

Add the picklist values.
When you create term records for loan products, you must specify the type of term. Add the picklist values for Type.
1. From the object management settings for Term, go to Fields & Relationships.
2. In the Quick Find box, enter Type, and then select Type.
3. In the Picklist Values for Type section, click New.
4. Add the picklist values.
  For example, you can add Lock-in Period of Three Years and Repay 50% Interest Within Five Years as the picklist values.
5. Save your changes.
Create term records.
1. From the App Launcher, find and select Terms.
2. Click New, and enter the term details.
3. To add another term, click Save & New or to finish, click Save.
Your users can associate the term records with a loan product when they create application form terms.