Reschedule Loan Interest Recalculate(Grace Period)

Dear All,

I would like to know why original interest amount change after reschedule loan(grace period). Is there any way to fix the problem. Our customer complain why the original interest amount change on Reschedule Loan. My client request to avoid recalculate interest on Reschedule Loan(Grace Period).
I check the code on server side there is a interestrecalculate option(true/false). But it’s not effect even I set false. Please Let me know Is that issue or Is that microfinance rule?

Thu Rein
Blue Stone Solution Co.,Ltd.

Hi Thurein

Reschedule loan - Introduce Mid-term grace periods, works as mentioned below:-

1 - Grace on Interest only . For the provided grace period it will add on to the immediate next installment. Here no change of installment amount.

ex - Grace period on interest only is for: 1 installment, see attached screenshot showing 765+785=1550(for next installment).

2 - If the grace period is on Principal and Interest . Here the provided principal grace amount has to be adjusted in the installment, so the installment amount gets changed.

Let me know if you have any doubts.