Fwd: Configuring a Loan Product to meet these Description

[Santosh Math <sa...@confluxtechnologies.com>]

Hi Onyedikachi,

I have replied to this same question by you on Answerhub.

http://mifos.cloud.answerhub.com/questions/2032/need-help-with-setting-up-this-specific-loan-produ.html

Greets
Santosh


---------- Forwarded message ----------
From: Onyedikachi Nwosu <ka...@isprynt.com>
Date: Thu, Jun 8, 2017 at 7:28 PM
Subject: Configuring a Loan Product to meet these Description
To: santosh@confluxtechnologies.com


*Hi Santosh,*

*Here is the Description and sample implementation.​*

*Loan Product Description *

Interest rate - 5-15% per year

Loan Term: 1 year No of Repayments:12

Every year after the Loan term, 5-15% penalty is charged on the Loan
Balance.

*Sample Implementation: *

Client A is issued a Loan of 800 @ 15% per annum in January 1999;

Initial Principal to be repaid: 800

Initial Interest to be repaid: 120

                                  Total: 920

*But by January 2000;*

Loan balance: 200

hence penalty: 200 * 15% = 30

                Total: 230

*Also by January 2001;*

Loan balance: 155

hence penalty: 155 * 15% = 23.25

Total: 178.25

*By November 2001*; The whole Loan was repaid

How best can I *configure a loan product* to achieve this.


Thanks.
Kind Regards,
Kachi



-- 
Thanks  and Regards
Santosh Math
Lead QA & Support
Conflux Technologies Pvt Ltd, Bengaluru
Skype:santoshmath99