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- Days in Year – Actual
- Recalculate Interest? – checkbox - Null
- Rest or Frequency at which outstanding principal is recalculated – Null
- Days Calculation Basis – Actual
Database changes
1. Modifications to Loan Product (“m_product_loan”)
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Column Name | Data Type | Description |
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days_in_month_enum | int | No of Days should be considered in loan calculation Actual or 30 days |
days_in_year_enum | int | No of Days should be considered in loan calculation Actual or 360 or 365 or 364 |
interest_recalculation_enabled | tinyint | Boolean flag indicates is interest recalculation required if payment not done as per the schedule. |
3. Interest Recalculation settings (m_loan_product_recalculation_details)
Column Name | Data Type | Description |
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interestcompound_compoundtype_enabledenum | tinyintint | Boolean flag indicates whether interest compounding to be used in recalculation |
rest_frequency_id | bigint | frequency to be used for interest recalculation. references to m_frequency_details |
reschedule_strategy | int strategy
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reschedule_strategy_enum | int | indicates which reschedule strategy to be used on prepayment
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3. Interest Recalculation settings (m_
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loan_recalculation_details)
Column Name | Data Type | Description |
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frequency_type | smallint |
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repeat_on_day | smallint | |
repeat_on_month | smallint | |
repeat_interval | smallint |
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compound_type_enum | int | indicates compounding strategy
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reschedule_strategy_enum | int | indicates which reschedule strategy to be used on prepayment
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Use cases:
1. identify recalculation : check the payment against schedule and should process recalculation in following scenarios
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