Hi,
Have configured a loan product with declining balance, recalculate
interest, and frequency for recalculate outstanding principal as “same as
repayment period”. System is configured to have payments due on non working
days to be moved to next working day. Found that the date when the
principal is recalculated is not the same date as expected EMI / repayment
date in case the repayment date is a holiday.
Loan configuration screen shot:
The repayment schedule comes like below: The interest computed of 3,682 is
on the principal of 200,000 rather than 134,894, as the outstanding
principal calculation was done based on principal on 12th Feb and not 13th
Feb which is the date of EMI payment. Please refer to the screen shot
below. Same happens for interest of 2,661 which is based on 134,894 rather
than 69,262.
Thanks & Regards,
*Thomas Varghese*
KNAB finance advisors pvt ltd
Web: www.KNABfinance.com <http://www.knabfinance.com/>
LinkedIn: https://www.linkedin.com/company/KNABfinance
Facebook: https://www.facebook.com/KNABfinance
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