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From "Edward Cable (JIRA)" <j...@apache.org>
Subject [jira] [Resolved] (FINERACT-235) For flat loan with variable installment, foreclosure before first repayment date is collecting full month interest
Date Wed, 22 Feb 2017 13:56:44 GMT

     [ https://issues.apache.org/jira/browse/FINERACT-235?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
]

Edward Cable resolved FINERACT-235.
-----------------------------------
    Resolution: Workaround

> For flat loan with variable installment, 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
>              Labels: confirm, p2
>
> 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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