How to Set the Loan Maturity Date Based on Loan Repayment Date ?
(Doc ID 2670757.1)
Last updated on MAY 19, 2020
Applies to:Oracle Loans - Version 12.1.3 and later
Information in this document applies to any platform.
How to set the Loan Maturity Date based on Loan Repayment Date ?
Loan Term = 6 months
Loan Interest Rate = 10%
EMI Payment Frequency = Monthly
Days Formula = Actual/Actual
Loan Starting Date = 01-JAN-2020
Loan Maturity Date = 01-JUL-2020
EMI Repayment Starts from 01-FEB-2020
The Borrower request the lender to set the EMI Repayment Due Date to set to 5th of every month i.e. EMI Repayment to start from 05-FEB-2020.
Below are the requirement on approving this borrower's request:
1. The interest amount of the first EMI should automatically adjust for 5 days when extending the EMI Repayment Due Date from 1st of every month to 5th of every month.
2. As per Doc ID 2670759.1, it reduces the number of EMI Installments from 6 to 5. How to keep intact the number of Loan Installments to 6 ?
3. How to Set the Loan Maturity Date Based on Loan Repayment Date i.e. to ensure that Loan Maturity Date is set at 05-JUL-2020 ?
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