Hi Jayaraj,
As you have given penalty frequency as daily, then system computes 3%
penalty on OD principal and interest, every day.
Please refer below table for how penalty is computed. hope this will
clarify your doubt.
Note Penalty On EoD Number of days OD Prin OD
Inter Od
Penalty formula Actual penalty
4th April 1 1000 178.36 3% * (1000 + 178.36 ) * 1 day 35.3508
First EMI is OD by 31 days 4th May 30 1000 178.36 3% * (1000 + 178.36
) * 30 day 1060.524
Secaond EMI is OD by 1 day 4th May 1 1000 173.21 3% * (1000 + 173.21
) * 1 day 35.1963
Thanks
Nayan Ambali
Thanks and Regards,
Nayan Ambali
+91 9591996042
skype: nayangambali
On Tue, Jun 28, 2016 at 10:57 AM, Immanuel Jeyaraj <sefie...@gmail.com>
wrote:
> Need some support.
>
> I have created a penalty for the loan and updated the penalty for the
> loan. Then I had created the loan for a individual and made a delayed
> repayment. The penalty calculated seems to be odd. Can someone help me
> understand this. Attached is the screenshot of the repayment schedule and
> penalty details.
>
> Thanks
> Immanuel
>
>
>
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