Is the loan based on an annual of 360 days? In my country ( Kenya); we base it on 365/366 days. : Support - Loandisk

Is the loan based on an annual of 360 days? In my country ( Kenya); we base it on 365/366 days. Print

Created by: Alekh Aggarwal

Modified on: Fri, 14 Apr, 2017 at 9:54 PM

Question:

Please confirm the formula method; is it based on an annual of 360 days? In my country ( Kenya); we base it on 365/366 days, can this me modified to suit my account.I have just booked a business loan today which should run for 14days but the interest generated is different ,with the loandisk system it is 11,666.67 while my calculations gives 11,506.85 using the rate of 10% per year on a loan amount of 3,000,000/-

Answer:

To set days in a year as 365, please visit Admin >> Account Settings. There please put 365 days in Days in a Year for Loan Interest Calculation field.

Once you put 365 there, please create a new loan and the calculation will come to 11,506.85.

Alekh is the author of this solution article.

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Is the loan based on an annual of 360 days? In my country ( Kenya); we base it on 365/366 days. Print

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