Receivables - EBS (MOSC)

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Interest payable for Loans

edited Apr 17, 2014 12:00PM in Receivables - EBS (MOSC) 1 commentAnswered

Hi All,

My client has got a unique requirement. They want to know the following

1) Does the interest gets charged based on the Loan date or the Disbursement date?

2) Does the interest rate be calculated in the morning AM or mid day or PM? The reason why I am asking this is because, if a client wishes to make an early principle payment or possibly pay loan out in full prior to maturity date, for example if the clients rings at 9am and pays into the bank at 2pm and we quote a figure from the system at 9am then the system calculates the daily interest at say midday there will be a system discrepancy.

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