Variable Interest Rate Type Is Not Working In Loans
Last updated on JULY 25, 2016
Applies to:Oracle Loans - Version 12.2.4 and later
Information in this document applies to any platform.
On : 12.2.4 version, Loan Information
In Loans Agent Responsibility, the Variable Interest Rate Type is not working.
Expect that whenever there is a change in Interest Rate, the new rate is used to calculate Interest due on Loans and the Amortization schedule is updated accordingly.
Responsibility: Loans Agent
1. Create A Loan with below details
Loan Amount : 5000 USD
Loan Start Date : 1-Jan-16
Interest Index: LIBOR
Interest Rate on 1-Jan-16 as per Libor: 5%
Billing : Last day of every month with Principal + Interest (Using Equal Payment Option)
2. Notice that the amortization schedule not updating with new interest rates from LIBOR Index.
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