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  1. Apache Fineract
  2. FINERACT-1316

Interest calculation going wrong for advance/late payments

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    Details

    • Type: Bug
    • Status: Open
    • Priority: Critical
    • Resolution: Unresolved
    • Affects Version/s: 1.4.0
    • Fix Version/s: 1.5.0
    • Component/s: Loan
    • Labels:
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      Description

      for a loan product with daily interest calculation, when an advance/late/partial repayments are made, interest calculation is going wrong, which is resulting in 3 major issues

       

      1. repayment schedule payment allocation is going wrong
      2. The next prepayment interest calculation is wrong
      3. The interest of all the subsequent installments is calculating wrong because of the wrong principal balance.

      To reproduce, create a loan product with interest calculation set to daily(check attachment for complete product configuration)

      create->disburse a loan with the loan product

      do a early repayment to the loan and check the calculation

       refer attachment for the sample

       

        Attachments

        1. 22.png
          30 kB
          bharath gowda
        2. product config.png
          19 kB
          bharath gowda

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              • Assignee:
                avikg Avik Ganguly
                Reporter:
                bgowda bharath gowda
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                Dates

                • Created:
                  Updated: