End of loan interest recalculation
----------------------------------
Key: MIFOS-5124
URL: http://mifosforge.jira.com/browse/MIFOS-5124
Project: mifos
Issue Type: New Feature
Components: Loan Account
Affects Versions: Release 2.2
Reporter: keithwoodlock
Assignee: mifosdeveloperqueue
Priority: Major
Fix For: Unscheduled
Henrik from CreoCore noted this as important.
We'd like to reward people who pay their loans off early, or who made some
payments which were larger than the planned/scheduled
payments. We're seeing some entrepreneurs paying on different dates than
scheduled, and paying amounts which are smaller or greater than the agreed-upon
repayment schedule.
This is probably because we don't have groups and therefore no group meetings (
== collection times). So when a
loan is paid off, it would be nice to have a feature to do an alternative
computation of the interest, based on an equivalent daily interest rate.
I.e., this would take into account when the entrepreneur paid a little early, a
little late, a little too much, or too little. If this alternative computation
resulted in less interest than what the entrepreneur actually paid (which was
based on the agreed-upon amortization schedule when the loan was given), then
we want to give the entrepreneur a refund of the
difference.
Similar (but different) type request is MIFOS-2996
MIFOS-3305 is closely related to the 'refund' if overpayment notion expressed
here.
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