[jira] [Commented] (FINERACT-362) Configure Penalty Charge depending on loan's interest rate

["Edward Cable (JIRA)" <ji...@apache.org>]

    [ https://issues.apache.org/jira/browse/FINERACT-362?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=16791140#comment-16791140 ] 

Edward Cable commented on FINERACT-362:
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[~lionel.raymundi] is this something you have taken up or are wanting to take up?

> Configure Penalty Charge depending on loan's interest rate
> ----------------------------------------------------------
>
>                 Key: FINERACT-362
>                 URL: https://issues.apache.org/jira/browse/FINERACT-362
>             Project: Apache Fineract
>          Issue Type: Improvement
>            Reporter: Lionel Raymundi
>            Assignee: Markus Geiss
>            Priority: Major
>              Labels: gsoc, p2
>
> Our business requirement is to charge penalties for unpaid overdued installments as follows:
> "Every overdue day, charge (installment capital) * (daily interest rate * 1.5)"
> In other words, this means to penalize the overdue by charging a 50% more of the agreed interest over the due capital. 
> To solve this, a new Charge Calculation type could be created. It should be something like "% Amount of the installment * Annual nominal interest rate / 100". 



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