Title: Message Title
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1. Create Loan product with following datasets:
Principal: 10,000,
Number of Repayments: 12 ( Min: , Max:)
Repay Every: 1 Months
Nominal Interest Rate: 1 ( Min: , Max:) 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 Instalment: 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 Disbursals: 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 calcualted after 1st repayment is not proper.
Please refer the screen shot attached.
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