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From "Edward Cable (JIRA)" <j...@apache.org>
Subject [jira] [Updated] (FINERACT-362) Configure Penalty Charge depending on loan's interest rate
Date Wed, 15 Feb 2017 13:30:41 GMT

     [ https://issues.apache.org/jira/browse/FINERACT-362?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
]

Edward Cable updated FINERACT-362:
----------------------------------
    Labels: p2  (was: )

> Configure Penalty Charge depending on loan's interest rate
> ----------------------------------------------------------
>
>                 Key: FINERACT-362
>                 URL: https://issues.apache.org/jira/browse/FINERACT-362
>             Project: Apache Fineract
>          Issue Type: Improvement
>            Reporter: Lionel Raymundi
>            Assignee: Markus Geiss
>              Labels: p2
>
> Our business requirement is to charge penalties for unpaid overdued installments as follows:
> "Every overdue day, charge (installment capital) * (daily interest rate * 1.5)"
> In other words, this means to penalize the overdue by charging a 50% more of the agreed
interest over the due capital. 
> To solve this, a new Charge Calculation type could be created. It should be something
like "% Amount of the installment * Annual nominal interest rate / 100". 



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