[FINERACT-861] 120 Monthly Repayments: Throw message error.msg.loanschedule.emi.amount.must.be.greter.than.interest

• Type: Bug
• Status: Closed
• Priority: Major
• Resolution: Auto Closed
• Affects Version/s: 1.1.0, 1.2.0
• Component/s: Loan
• Labels: Cleanup2022 features
• Assignee: Unassigned
• Reporter: Luis Alegria
• Created: 12/Mar/20 03:28
• Updated: 07/Nov/22 18:11
• Resolved: 07/Nov/22 18:11

Description

Hi all
 
We need a120 installments(monthly), for a mortgage loan but we need  the same repayment schedule with a "Interest Calculation Period"=Daily, because we let clients do early payments, and we need Recalculate Interest function, and Reduce number of installments.
 
I create the next loan https://demo.mifos.io/#/viewloanaccount/3635, it's has "Interest Calculation Period" as "same as repayment period". Repayment schedule let 120 installments and equal repayments $1318 as an example.
 
The issue occurs when try to create a 120 installments and "Interest Calculation Period"=Daily.
I got this message:

 
Is this posible?, we need a repayment schedule like this https://demo.mifos.io/#/viewloanaccount/3635 but with ""Interest Calculation Period"=Daily" because need recalculate interest function.
 
Loan with "Interest Calculation Period"=Daily and throw the message has the following terms:

• Product: DAILY PERIODS - RECALCULATION
• Submitted/Disbursed on 01 January 2020
• Principal: 50,000
• Loan term/ Number of repayments:    120 Months
• First repayment on 28 January 2020
• Interest charged from Nominal interest rate: 30  Per year
• Interest calculation period : Daily
• Is Equal Amortization false
• Recalculate Interest Yes
• Days in year 360 Days
• Advance payments adjustment type: Reduce number of installments
• Days in month 30 Days
• Interest recalculation compounding on None
• Frequency for recalculate Outstanding Principal Daily
• Frequency Interval for recalculation 0
   
   
   
  Thank you