1. Create a loan product with following parameters,
Principal: 10,000 ( Min: , Max : )
Number of Repayments: 12 ( Min: , Max
Repay Every: 1 Months
Nominal Interest Rate: 1 ( Min: , Max Per month
Amortization Equal installments
Interest Method Declining Balance
Interest Calculation Period Daily
Repayment Strategy Overdue/Due Fee/Int,Principal
Days in month Actual
Principal Threshold (%) for Last Instalment 0
Allow fixing of the installment amount No
Recalculate Interest Yes
Advance payments adjustment type Reduce number of installments
Pre-closure interest calculation rule Calculate till pre closure date
Interest recalculation compounding on None
Frequency for recalculate Outstanding Principal Daily
Frequency Interval for recalculation 1
Frequency Date for recalculation 01 January 2015
Loan Tranche Details
Enable Multiple Disbursals true
Maximum Tranche count 1
Maximum allowed outstanding balance 10000
Configurable Terms and Settings
1. Create a client and submit new loan application for that client on 01 October 2015, approve and disburse on 01 October 2015.
2. Click on prepay button and modify the date as 15 October 2015 and click on submit button.
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Tested and working as expected.