EMI Is Getting Recalculated After After Apply An One Installment Payment With Int > EMI
(Doc ID 2593567.1)
Last updated on SEPTEMBER 10, 2020
Applies to:Oracle FLEXCUBE Universal Banking - Version 11.83.03.0.0 and later
Information in this document applies to any platform.
On : 11.83.03.0.0 version, Implementation Support
EMI is getting recalculated after apply an One Installment Payment with Interest > EMI
The system is changing the EMI_AMOUNT for the next installment to the new merged installment because a One Installment payment applied in the last 15 days
Applied a payment with recomputation basis as "One Installment" in the last 15 days of the installment.
The first installment of loan is going since 27th May till 27th June, and the payment is being applied on 18th June, i.e. 9 days before the installment due date.
The payment is splitting the installment and merge it with the next one, such as the interest amount of new installment is greater than the EMI amount.
In the example the new installment is going since 18th June till 29th July, and the amount due of main interest component is $406.768.29, and the EMI amount of loan is $392,734,78, thus the amount due for principal component is zero, which is right. In general, the payment process is correct.
The issue is in recalculation after payment where the problem is in the subsequent installment to the new merged installment, i.e. in the example the issue is coming the third installment that is going since 29th July till 29th August, the system is recalculating the EMI_AMOUNT for this installment by $733.225,42, which is wrong.
Code corrected not to recalculate the emi amount when user defined EMI amount
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