Rules for how to reschedule repayment
- If the client did not make the payment for an installment:
- For flat-interest loans, in next installment, "Penalty + Payment1 + Payment2"
- For declining-balance loans, the next installment will be recalculated to include the missed installment. (There is no concept of payment 1 and payment 2 in this case.)
- If the repayment day falls on a holiday and repayment is set to the next repayment, the client must pay two installments on the next repayment day. No penalty will be calculated for that period.
- A penalty for failing to pay an installment is calculated only for the affected installment period. The same approach is applied to subsequent installments.
- The grace period can be modified:
- For a loan account whose grace period has not ended.
- Only for future installments if the grace period has ended.
- If client does not have any meeting date, then repayment start date is the actual disbursement date + repayment frequency + grace period.