1) View loan page > Click on Prepay loan – Prepay automatically calculates as on date Interest amount for daily interest method. On Prepay loan, the loan gets closed by clicking the submit button on validation.
2.In the below example, Principal amount is Rs.92059 and the interest amount is Rs.5445(on full term i.e remaining payments for 11 installments).
3.If the loan as to be closed on the present day or before the term then you could click on the Prepay Loan button.
2) c) Principal amount is Rs.92059 and the interest amount is Rs.3986 for date 08-july-2020. Hence calculating on a daily interest basis, for 158 days from the last transaction and on principal balance.
d) Formula: Principal balance*number of days difference/365*rate of interest%. Ex: 92059*158/365*10%
