| A line of credit
allows you to draw funds, up to a limit agreed by the bank, whenever you
need money. In case of revolving credit facility, you can repay, and
draw again up to the limit, at your discretion, at any time during the
term of the line of credit. Interest is calculated on the outstanding
balance according to the simple interest method.
Extend the functionality of X-DEBT by
adding the line of credit module
A new menu titled ‘CREDIT’ is
added to the menu bar of XD
From the CREDIT menu, you can:
- Specify the key features of your
credit lines
-
Enter your drawings, repayments and interest payments at the time they
occurred
- Manage your credit lines depending on their fees, interest rate index
and margin
- Control that the total outstanding balance on the line of credit does
not exceed the bank's lending limit
-
Check interest calculations for errors
-
Calculate future interest payments depending on expected interest rates
-
See the status of your portfolio through different aspects (amount
drawn, repaid and interest paid for each and all of your lines; also,
outstanding balance and amount still available for drawing)
This module is also used to manage
the loans that have a draw period. Thus, all financial transactions made
during the draw period can be recorded through this module.
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