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From "Santosh Math (JIRA)" <j...@apache.org>
Subject [jira] [Updated] (FINERACT-416) Interest to be calculated for the whole loan term given
Date Thu, 09 Mar 2017 04:55:38 GMT

     [ https://issues.apache.org/jira/browse/FINERACT-416?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
]

Santosh Math updated FINERACT-416:
----------------------------------
    Labels: p1  (was: )

> 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
>              Labels: p1
>
> 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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