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Posted to issues@fineract.apache.org by "sapana (JIRA)" <ji...@apache.org> on 2019/01/01 09:07:00 UTC

[jira] [Updated] (FINERACT-687) Automatic application of Late Penalty should not happen in certain scenarios

     [ https://issues.apache.org/jira/browse/FINERACT-687?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel ]

sapana updated FINERACT-687:
----------------------------
    Description: 
Currently, late penalty charges are applied automatically depending on chargeTime configuration if the loan is not closed. However, in following scenarios, we should be able to configure if late penalty should be applied or not:
1. Outstanding amount for Loan is within arrears limit
2. Loan is in NPA

As a workaround, these charges can be waived, but these reflect on accounting journals which is not desired.

Also, there are regulatory requirements stating sum of all charges levied on loan cant be greater than x%loan principal value.

  was:
Currently, late penalty charges are applied automatically depending on chargeTime configuration if the loan is not closed. However, in following scenarios, we should be able to configure if late penalty should be applied or not:
1. Outstanding amount for Loan is within arrears limit
2. Loan is in NPA

Also, there are regulatory requirements stating sum of all charges levied on loan cant be greater than x%loan principal value


> Automatic application of Late Penalty should not happen in certain scenarios
> ----------------------------------------------------------------------------
>
>                 Key: FINERACT-687
>                 URL: https://issues.apache.org/jira/browse/FINERACT-687
>             Project: Apache Fineract
>          Issue Type: New Feature
>          Components: Loan
>    Affects Versions: 1.1.0
>            Reporter: sapana
>            Priority: Major
>
> Currently, late penalty charges are applied automatically depending on chargeTime configuration if the loan is not closed. However, in following scenarios, we should be able to configure if late penalty should be applied or not:
> 1. Outstanding amount for Loan is within arrears limit
> 2. Loan is in NPA
> As a workaround, these charges can be waived, but these reflect on accounting journals which is not desired.
> Also, there are regulatory requirements stating sum of all charges levied on loan cant be greater than x%loan principal value.



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