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Also, consider this point,
Interest should be also calculated on the principal outstanding after end of the loan tenure in-case of defaulted customer.
This should be driven through a configuration parameter reason being, some MFI follow-ups with defaulted customer, interest recalculate after loan tenure on the defaulted amount will be useful.
However, some mfi does the re-scheduling if the customer fails to repay loan within the loan tenure and has a follow-up period of 3 months to 6 months, interest should be re-calculated only for the specified grace period months. At the end of follow-up period they re-schedule the loan.