How To Fix FVD_CLI_CLOAN002 - Rate &1 is not valid for the period

SAP Error Message - Details

• Message type: E = Error

• Message class: FVD_CLI_CLOAN - Credit Life Insurance for Consumer Loan

• Message number: 002

• Message text: Rate &1 is not valid for the period

What causes this issue?

The credit life insurance rate is not valid for the overall term of the
contract.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message FVD_CLI_CLOAN002 - Rate &1 is not valid for the period ?

  The SAP error message FVD_CLI_CLOAN002 indicates that the interest rate specified (denoted as &1 in the message) is not valid for the period in question. This error typically arises in the context of financial transactions, particularly in loan management or financial services modules within SAP.
  Cause:
  
  Invalid Rate Configuration: The interest rate may not be configured correctly in the system for the specified period. This could be due to missing entries in the interest rate table or incorrect date ranges.
  Rate Expiry: The interest rate might have expired or is not yet effective for the period being processed.
  Incorrect Period: The transaction might be referencing a period that does not align with the valid periods for the interest rate.
  Data Entry Error: There could be a typographical error in the rate being entered or referenced.
  
  Solution:
  
  
  Check Interest Rate Configuration:
  
  Navigate to the interest rate configuration in SAP (usually found in the Financial Services or Loan Management module).
  Verify that the interest rate for the specified period is correctly defined and active.
  
  
  
  Update or Add Rates:
  
  If the rate is missing or incorrect, you may need to add or update the interest rate in the system.
  Ensure that the start and end dates for the rate are set correctly.
  
  
  
  Review Transaction Dates:
  
  Check the transaction date or the period being processed to ensure it falls within the valid range of the interest rate.
  
  
  
  Consult Documentation:
  
  Review any relevant documentation or guidelines for setting up interest rates in your specific SAP environment.
  
  
  
  Contact Support:
  
  If the issue persists after checking the above points, consider reaching out to your SAP support team or consulting with a functional expert who specializes in the financial module.
  
  
  
  Related Information:
  
  Transaction Codes: You may need to use transaction codes like OB08 (for maintaining exchange rates) or specific transaction codes related to loan management to check or update interest rates.
  SAP Notes: Look for SAP Notes related to this error message for any patches or updates that may address known issues.
  User Authorization: Ensure that you have the necessary authorizations to view and modify interest rate settings in the system.
  
  By following these steps, you should be able to identify the root cause of the error and implement a solution to resolve it.