Interest Recalculation for Backdated Transactions
Backdated transactions will now trigger an interest recalculation for the upcoming installments, ensuring accurate repayment schedules and interest adjustments for loans running on reducing balance. This is only applicable to loans with a reducing balance interest rate calculation method. Procedure First of all, edit the Credit Product Policy (CPP) using the below steps: Below is a loan schedule for a loan before making a backdated loan…