[FINERACT-306] After Late repayment - interest is not computing properly in Repayment schedule page for the loan with interest recalculation

• Type: Bug
• Status: Closed
• Priority: Major
• Resolution: Fixed
• Component/s: Loan
• Labels: confirm p1
• External issue URL: https://mifosforge.jira.com/browse/MIFOSX-2086
• Assignee: Markus Geiss
• Reporter: Santosh Math
• Created: 14/Dec/16 08:24
• Updated: 10/Feb/17 07:29
• Resolved: 10/Feb/17 07:29

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.