Mexina Daniel created FINERACT-416:
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Summary: Interest to be calculated for the whole loan term given
Key: FINERACT-416
URL: https://issues.apache.org/jira/browse/FINERACT-416
Project: Apache Fineract
Issue Type: Improvement
Components: Loan
Reporter: Mexina Daniel
Assignee: Markus Geiss
Priority: Critical
As for some of the MFI practise here in our country, they specify the interest
for the whole loan term given, i.e their loan product have the interest for the
whole loan term regardless of the frequency of repayment ()
To accomplish this in mifos, a user has to do calculation of finding an
interest of a month/year with respect of the loan term of that specific client.
This is a very tiresome work as for a day a user can have apply many loans and
the task of calculation make the work even harder.
I was suggesting improvement in the loan product, to be able to allow the
interest rate of the whole loan term.
Example:
Loan product - Development Loan
Amount - Min: 100,000, Max:1,000,000
Interest - 20%
Loan term - From 3months to 6months
-- This means the interest given is for any loan term the client will want to
take the loan.
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