Dear Experts,
I have got a new Education loan requirement with the variable interest rate of 10.5/%. The concept of the loan deduction is to deduct the interest for first 1 year from the date of loan approval and from 13th month, deduct principal + cummulated interest. Also the interest rate is variable, it may change in every six months. So how the interest rate to be maintained as constants?
I have configured the normal loan configuration where it deducts together the principle repayment amt maintained in IT0045( Repayment Installment) and the interest amount of 10.5% where it maintained in the loan condition.
Please guide me how to proceed with the above requirement.
Thanks in advance....