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  1. Apache Fineract
  2. FINERACT-306

After Late repayment - interest is not computing properly in Repayment schedule page for the loan with interest recalculation

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    Details

    • Type: Bug
    • Status: Closed
    • Priority: Major
    • Resolution: Fixed
    • Affects Version/s: None
    • Fix Version/s: None
    • Component/s: Loan
    • Labels:

      Description

      Reported by Subramanya at https://mifosforge.jira.com/browse/MIFOSX-2086

      Original Description:
      1. Create Loan product with following data-sets:
      Principal: 10,000,
      Number of Repayments: 12
      Repay Every: 1 Months
      Nominal Interest Rate: 1 Per month
      Minimum days between disbursal and first repayment date
      Settings:
      Amortization: Equal installments
      Interest Method: Declining Balance
      Interest Calculation Period: Daily
      Repayment Strategy: RBI (India)
      Days in year: Actual
      Days in month: Actual
      Principal Threshold (%) for Last Installment: 0
      Allow fixing of the installment amount:No
      Interest Recalculation
      Recalculate Interest: Yes
      Advance payments adjustment type: Reduce EMI amount
      Pre-closure interest calculation rule: Calculate till pre-closure date
      Interest recalculation compounding on: None
      Frequency for recalculate Outstanding Principal: Daily
      Frequency Interval for recalculation: 1
      Frequency Date for recalculation: 01-Jan-15
      Is Arrears recognization based on original schedule:No
      Loan Tranche Details
      Enable Multiple Disbursal: TRUE
      Maximum Tranche count:1
      Maximum allowed outstanding balance:10000
      2. Create a Client and submit new loan application for a client on 01 January 2015, with tranche details as date 01 January 2015 and amount 10000 -> Approve and disburse on 01 January 2015.
      3. Make repayment on 15 February 2015 (repayment due on 01 February 2015 but made late repayment).
      > Interest calculated after 1st repayment is not proper.
      Please refer the screen shot attached.

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          Santosh Math

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            People

            • Assignee:
              mgeiss Markus Geiss
              Reporter:
              santoshmath Santosh Math
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              Dates

              • Created:
                Updated:
                Resolved: