How To Fix FVD_CLI_CLOAN003 - Age at entry is below the minimum age requirement

SAP Error Message - Details

• Message type: E = Error

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

• Message number: 003

• Message text: Age at entry is below the minimum age requirement

What causes this issue?

When checking the data against the data for the credit life insurance
rate, the age of a person to be insured at the beginning of the term for
the insurance policy is below the minimum age requirement for this rate.

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_CLOAN003 - Age at entry is below the minimum age requirement ?

  The SAP error message FVD_CLI_CLOAN003 indicates that the age of the client or borrower at the time of entry is below the minimum age requirement set in the system. This error typically occurs in financial applications, particularly in loan processing or client management modules, where age restrictions are enforced for compliance or risk management reasons.
  Cause:
  
  Age Restriction: The system has a predefined minimum age requirement for clients applying for loans or financial products. This is often set to ensure that clients are legally eligible to enter into contracts or to mitigate financial risk.
  Incorrect Data Entry: The date of birth (DOB) entered for the client may be incorrect, leading to an age calculation that falls below the minimum threshold.
  Configuration Settings: The minimum age requirement may be configured incorrectly in the system settings.
  
  Solution:
  
  Verify Client's Date of Birth: Check the date of birth entered for the client. Ensure that it is accurate and correctly formatted. If the DOB is incorrect, update it to reflect the correct information.
  Check Minimum Age Configuration: Review the configuration settings in the SAP system to confirm the minimum age requirement. If necessary, adjust the settings to align with your organization's policies or regulatory requirements.
  Client Eligibility: If the client is indeed below the minimum age requirement, they may not be eligible for the loan or financial product. In this case, you may need to inform the client and suggest waiting until they meet the age requirement.
  Consult Documentation: Refer to the SAP documentation or user manuals for specific guidance on handling age-related errors in your version of the software.
  
  Related Information:
  
  Regulatory Compliance: Many financial institutions have age restrictions in place to comply with legal requirements, such as ensuring that clients are of legal age to enter into contracts.
  System Configuration: The minimum age requirement can often be configured in the SAP system settings, which may vary based on the specific implementation or industry regulations.
  User Training: Ensure that users entering client data are trained to input accurate information and understand the implications of age restrictions in loan processing.
  
  If the issue persists after verifying the above points, it may be beneficial to consult with your SAP support team or a technical consultant for further assistance.