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Posted to issues@fineract.apache.org by "Mexina Daniel (JIRATEST)" <ji...@apache.org> on 2018/01/10 14:52:03 UTC
[jira] [Updated] (FINERACT-416) Interest to be calculated for the
whole loan term given
[ https://issues-test.apache.org/jira/browse/FINERACT-416?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel ]
Mexina Daniel updated FINERACT-416:
-----------------------------------
Description:
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% for all the time the loan will be taken
Loan term - From 3months to 6months
Repayed every - 1 month
The way now the system works:
The user have to find the interest of 1 month to be able to apply a loan ( with the consideration of 20% interest and the specific loan term), this can provide inconvenience since it will need to do manual calculation whenever you want to apply for a loan.
How system will work after this improvement:
The user will just fill the interest and the loan term of the loan without doing manual calculations
was:
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.
> Interest to be calculated for the whole loan term given
> -------------------------------------------------------
>
> Key: FINERACT-416
> URL: https://issues-test.apache.org/jira/browse/FINERACT-416
> Project: Apache Fineract
> Issue Type: Improvement
> Components: Loan
> Reporter: Mexina Daniel
> Assignee: Markus Geiss
> Priority: Critical
> Labels: gsoc2017, 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% for all the time the loan will be taken
> Loan term - From 3months to 6months
> Repayed every - 1 month
> The way now the system works:
> The user have to find the interest of 1 month to be able to apply a loan ( with the consideration of 20% interest and the specific loan term), this can provide inconvenience since it will need to do manual calculation whenever you want to apply for a loan.
> How system will work after this improvement:
> The user will just fill the interest and the loan term of the loan without doing manual calculations
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