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  1. Apache Fineract
  2. FINERACT-1745

Loan Schedule Final Installment calculation issue

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Details

    • Bug
    • Status: Resolved
    • Critical
    • Resolution: Fixed
    • 1.7.0
    • 1.7.2
    • Loan
    • None

    Description

      In an interest recalculation enabled loan, we are noticing the EMI of the last installment is going wrong for the following scenario 

       

      To reproduce

      1. Create the loan product as per the config attached
      2. Have working day configured from Monday to Friday with "move to next working day"
      3. Create a loan account and disburse with the following parameters
        1. Disbursement date: 6th May 2022
        2. First Repayment date: 27th May 2022
        3. amount: 7800
        4. repay: 60 every 1 month
        5. interest rate 8.9 per annum (which will get you an EMI 161.08
        6. Now make the repayments in the following order
          1. 27-May-2022 - 161.08
          2. 27-June-2022 - 161.08
          3. 27-Jule-2022 - 161.08
          4. 30-August-2022 - 161.08
          5. 01-sept-2022 - 15
        7. Now check the repayment schedule EMI of the last installment it will be showing the wrong amount.
      4. Check the schedule screenshot for examples

       

      Attachments

        1. schedule after issue reproducing.png
          376 kB
          Bharath Gowda
        2. schedule before issue.png
          370 kB
          Bharath Gowda
        3. loan product.png
          188 kB
          Bharath Gowda

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              dhavalmaniyar Dhaval Maniyar
              bgowda Bharath Gowda
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                Created:
                Updated:
                Resolved: