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From "Santosh Math (JIRA)" <j...@apache.org>
Subject [jira] [Updated] (FINERACT-306) After Late repayment - interest is not computing properly in Repayment schedule page for the loan with interest recalculation
Date Wed, 14 Dec 2016 08:25:58 GMT

     [ https://issues.apache.org/jira/browse/FINERACT-306?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
]

Santosh Math updated FINERACT-306:
----------------------------------
    Attachment: 21.png

> After Late repayment - interest is not computing properly in Repayment schedule page
for the loan with interest recalculation
> -----------------------------------------------------------------------------------------------------------------------------
>
>                 Key: FINERACT-306
>                 URL: https://issues.apache.org/jira/browse/FINERACT-306
>             Project: Apache Fineract
>          Issue Type: Bug
>          Components: Loan
>            Reporter: Santosh Math
>            Assignee: Markus Geiss
>         Attachments: 21.png
>
>
> 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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