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From "subramanyasn (JIRA)" <j...@apache.org>
Subject [jira] [Created] (FINERACT-235) For flat loan with variable instllment, foreclosure before first repayment date is collecting full month interest
Date Thu, 13 Oct 2016 06:10:20 GMT
subramanyasn created FINERACT-235:
-------------------------------------

             Summary: For flat loan with variable instllment, foreclosure before first repayment
date is collecting full month interest
                 Key: FINERACT-235
                 URL: https://issues.apache.org/jira/browse/FINERACT-235
             Project: Apache Fineract
          Issue Type: Bug
          Components: Loan
            Reporter: subramanyasn
            Assignee: Markus Geiss


1. Create loan product with following datasets
Principal: 10000,
ROI: 12% pa
Loan term 12 months,
Repaid every: 1 month,
Amortization: Equal Installments
Interest method: Flat
Variable installment checked.
2. Submit new loan application on 01 January 2016, expected disbursement date 01 January 2016.
3. Edit repayment schedule and change first repayment date from 01 February 2016 to 15 January
2016.
4. Disburse loan on 15 January 2016.
Foreclose loan on same date.
Expected result:
It should not collect any interest if the foreclosed date is same as disbursement date.
Actual result:
It is collecting one month interest.



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