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  1. Apache Fineract
  2. FINERACT-313

For Multiple tranche Loans with Equal Principal Payments after submitting the loan application Principal due is not calculating properly

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    Details

    • Type: Bug
    • Status: Closed
    • Priority: Major
    • Resolution: Cannot Reproduce
    • Affects Version/s: None
    • Fix Version/s: None
    • Component/s: Loan
    • Labels:

      Description

      Reported by Subramanya at https://mifosforge.jira.com/browse/MIFOSX-2130

      Original Description:
      1. Create a Loan product with following datasets
      Repayment Strategy:RBI (India)
      Repayments:12 every 1 Months
      Amortization:Equal principal payments
      Interest:12 per annum (1% Per month):Declining Balance
      Interest Calculation Period:Daily
      Interest Type:Declining Balance
      Recalculate Interest Yes
      Days in year: Actual
      Days in month: Actual
      Interest recalculation compounding on: None
      Advance payments adjustment type:Reduce number of installments
      Frequency for recalculate Outstanding Principal: Every -1 days
      Max Tranche Count:2,
      2.Submit new loan application for a client on 01 January 2015 with first tranche on same date and 2nd Tranche on 01 March 2015, each with 5000 amount.
      > For 01 February 2015 and 01 March 2015 the principal due should be 416.67 (ie 5000/12). and From 01 April2015 to 01 January 2016 principal due should be 916.66 (ie 9166.6/10).
      But here it is calculating differently as a result for the last installment principal due is more.

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          Santosh Math

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            People

            • Assignee:
              subramanya@confluxtechnologies.com subramanyasn
              Reporter:
              santoshmath Santosh Math
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              Dates

              • Created:
                Updated:
                Resolved: