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From Ed Cable <>
Subject What is the purpose of the loan term vs number of repayments?
Date Tue, 22 Nov 2016 16:51:01 GMT
Hi community,

Could somebody explain to me why we have an input field for loan term in
addition to number of repayments.

It always just seemed like an extraneous field that one manually had
compute in one's head based on the number of repayments multiplied by the
repayment frequency.

Why I think it should be removed:

1) It's confusing to the user and extraneous
2) It also appears that it really has no bearing on the actual term of the
loan as the only validation for term is that loan term frequency must match
that of repayment frequency. However if you submit a loan account with a
term of 24 months and 12 monthly repayments, the repayment schedule
rightfully has 12 monthly installments.
3) Term is nowhere to be found in the loan product configuration, just the
configuration of number of repayments.

Am I missing some use case whereby a loan has a term or maturity date
that's longer than the number of installments

If so, shouldn't we then only make this configurable when so desired since
it's an edge case.

*Ed Cable*
Director of Community Programs, Mifos Initiative | Skype: edcable | Mobile: +1.484.477.8649

*Collectively Creating a World of 3 Billion Maries | *
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