Interest during Moratorium of the loan is not recovered as EMI

Description

We set up a loan with an interest rate of 15%, with a disbursal date of 5th May and 3 equal repayments on15th June, 15th JUly and 15 August. The loan has a moratorium for the first 10 days.

The repayment schedule looks like this

#

Days

Date

Paid Date

 

Principal Due

Balance of Loan

Interest

Fees

Penalties

Due

Paid

In Advance

Late

Outstanding

 

 

05 May 2020

 

 

 

30,000

 

300

 

300

300

 

 

 

1

41

15 June 2020

15 June 2020

 

9,876

20,124

375

0

0

10,251

10,251

0

0

0

2

30

15 July 2020

 

 

9,999.45

10,124.55

251.55

0

0

10,251

264

264

0

9,987

3

31

15 August 2020

 

 

10,124.55

0

126.56

0

0

10,251.11

0

0

0

10,251.11

 

102

Total

30,000

 

753.11

300

0

31,053.11

10,815

264

0

20,238.11

We are facing two issues with the loan
1) The EMI does not include the interest for the period 5th May to 14th May which loses us the interest for this period
2) There is an increased payment in the last month, which increases our risk

 

As per calculations done using XL , we find that the EI should be higher.

Date

Op Balance

Loan Disb.

Installment

Interest

Cl Balance

05-May

 

30,000

 

 

30,000

15-Jun-20

30,000

 

(10,295)

505

20,211

15-Jul-20

20,211

 

(10,295)

249

10,165

15-Aug-20

10,165

 

(10,295)

130

(0)

Total

 

 

 

(30,884)

884




15% interest for the tenure of the loan with 3 equal installment payments on June 15,
July 15 and August 15.

Environment

All

Assignee

Unassigned

Reporter

Madduri Srikant

Labels

None

URL

None

Story Points

None

Team

Core

Scheduled For

None

Epic

None

Notify

Sangamesh Nadagoudar

productboard URL

None

Man Day Estimate

None

Components

Affects versions

Priority

Critical
Configure