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• Principal – Principal as per the Rest Specified
• Days Calculated – based on “Days Calculation Basis”
  
  

When interest recalculation is turned on for a loan product, then any excess amount (over what is currently due or overdue) will be applied to the outstanding principal always. In this respect, it will override the settings for Repayment Strategy selected.

Any interest compounding will stop if any amount is overdue more than the number of days for the account to be treated as Non-Performing Asset (overdue_days_for_npa).

If there is a disbursement-time fee, which is calculated on principal+interest - then this fee amount will not be recomputed based on interest recalculations.

Attributes

For Loan Products and Loan Accounts

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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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