There is certainly a need to tailor loan repayments to accommodate the money flow habits associated with the debtor.
Migrated over from MifosForge – final edit on September 15, 2015.
Overview
- A user is allowed by this feature to
Background and strategic fit
This is also true of items like agricultural loans where consumers money moves can be very volatile. Consequently returns in such sectors are regular, unpredictable and often less than those for the regular enterprises that are commercial which MFIs disburse loans. This necessitates the necessity for banking institutions to modify loans services and products, which provide for more flexibility aided by the installment schedule.
The adjustable Installment Loans function of Mifos X accommodates this flexibility by specifying:
For the loan item:
Minimum and gap that is maximum must certanly be current between installments (minimum is mandatory, nonetheless optimum is optional)
An minimum installment amount that is optional
Allow installment due dates to be modified
Allow installment amounts to be modified (either total installment or principal part could be modified)
Include extra installments
Validate the routine and calculations after making these modifications
Requirements/User Stories
Business Rules
Adjustable Installment could be specified for loans which have either flat interest calculation or diminishing stability based calculation that is interest
For a offered loan routine, individual may either alter principal or amount that is installmentrather than both)
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