Create a loan account for loan product with interest type "Declining Balance Interest Recalculation"
Apply a periodic fee of 100 for each installment
Approve and Disburse the loan account
Do any the following payment on the fresh loan account through "Apply Payment" link available in Loan Account Details Page Or View repayment Schedule Page
Payment Day | Payment Amount | Expected Behavior |
Any day before or on1st Installment Date | Grater than the 1st installment amount | 1st Installment principal, interest and fee are paid and the remaining payment is made against the following installments principal |
Any day before or on 1st Installment Date | Equal to 1st installment fee | 1st Installment fee is paid |
Any day before or on 1st Installment Date | Sum of Ist installment fee and interest | 1st Installment fee and interest alone paid |
Any any between 1st and 2nd Installment Date | Equal to 1st installment fee | 1st Installment fee is paid, and 2nd installment interest is added with overdue interest |
Any any between 1st and 2nd Installment Date | Sum of Ist installment fee and interest | 1st Installment fee and interest alone paid, and 2nd installment interest is added with overdue interest |