Loan Manager Changelog

What's new in Loan Manager 3.0

• By structuring the installments (i.e. all installments may not be made equal) and setting other options carefully, any sort of repayment schedule can be generated and printed.
• The installments in the repayment schedule can be structured i.e. all installments need not be equal. More flexible structuring has been devised by totally revising the previous concept of fixed yearly intervals, and now the structuring can be done at desired interval of Months.
• In previous versions, interval was restricted to one year or multiple of it.
• First EMI (Equal Monthly Installment) may be specified as input parameter to get the repayment schedule of a loan in place of specifying either flat or compound rate of interest as input parameter.
• The installments can be rounded off or changed to new values to get the fresh repayment schedule in second stage of calculations. However, in rounding off the installments, the rate of interest cannot be entered as input parameter, and the same would be derived as a function of modified installments entered.
• Installment repayment can be started after any number of months of the loan commencement date. However, a higher limit of two hundred forty has been imposed for this parameter.
• In previous versions, delayed start of repayment was not provided for.
• Schedule of loan, requiring more than one installment in advance, can be calculated and printed.
• Flat rate formula for advance installment calculation has been revised. The old formula has also been retained by providing an option.
• If a non-payment period is to be set in the repayment schedule, then the ratio of repayment should be set to zero for those many numbers of installments, while entering the input parameters for structured payment.
• Though there is no limit to selecting the total number of installments in a loan, but with a view to prevent the computer getting locked for a long time or an overflow occurring, a higher limit of two hundred forty has been imposed in the calculations for this parameter.
• Besides above said usage, this software can be used for calculations not specifically designed for. For example, one can do the interest calculation for any fixed deposit or a loan, repaid in single installment by first entering maturity date/repayment date in the control named ‘First Installment Date’ then setting ‘total number of installments’ to one in the control for inputting this parameter, and rest other parameters entered as usual.
• The compounding of interest is done every month in the above calculation, so the same shall be slightly more than what is calculated on three monthly or yearly compounding in other calculations.
• If extreme values beyond practical limit are tried, the computer may take a long time in calculations or an overflow may occur. Even the accuracy of result may be impaired due to the limitation of significant digits in double data type.