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https://issues.apache.org/jira/browse/FINERACT-416?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
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Santosh Math closed FINERACT-416.
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Tested on staging. Implemented.
> 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
> Affects Versions: 1.1.0
> Reporter: Mexina Daniel
> Assignee: Mexina Daniel
> Priority: Critical
> Labels: gsoc, p1
> Fix For: 1.2.0
>
>
> 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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