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LNS:Interest Accrual - Daily Not Calculating Interest Properly (Doc ID 2397626.1)

Last updated on MAY 11, 2018

Applies to:

Oracle Loans - Version 12.1.3 and later
Information in this document applies to any platform.

Symptoms

On : 12.1.3 version, Other

ACTUAL BEHAVIOR
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After partial principal repayment, the "Interest Accrual" calculation is not happening correctly.
The issue is happening with all the loans where there is a principal repayment.

STEPS
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To brief it is as follows:
Suppose the following:
Principal disbursed = 100
Interest rate 10%
Last interest receivable billed:01-Oct-2014
Interest : quarterly
Principal re- paid on 27th Nov-2014: 20

Now expected accrual by the system: 01-Oct-2014 to 27-Nov-2014 on 100*10%/365*26
27-Oct-2014 to 30-Nov-2014 0n 80*10%/365*4

But system calculates only 27-Oct-2014 to 30-Nov-2014 0n 80*10%/365*4 which is wrong.

Cause

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