Does the System Automatically Adjust the Interest Amount of the First EMI when EMI generation Due Date is Shifted to Any Subsequent Date ?
(Doc ID 2671737.1)
Last updated on MARCH 04, 2022
Applies to:Oracle Loans - Version 12.1.3 and later
Information in this document applies to any platform.
Does the system automatically adjust the Interest Amount of the first EMI when EMI generation Due Date is shifted to any subsequent 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 requests the lender to set the EMI generation Due Date to 10th of every month i.e. EMI Repayment to start from 10-FEB-2020.
Below are the requirements on approving this borrower's request:
1. It reduces the number of EMI Installments from 6 to 5. How to keep intact the number of Loan Installments to 6 ?
2. How to Set the Loan Maturity Date Based on Loan Repayment Date i.e. to ensure that Loan Maturity Date is set at 10-JUL-2020 ?
3. The interest amount of the first EMI should automatically adjust for 10 days when extending the EMI Repayment Due Date from 1st of every month to 10th of every month.
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