Santosh Math updated FINERACT-416:
    Fix Version/s: 1.3.0

> Interest to be calculated for the whole loan term given
> -------------------------------------------------------
>                 Key: FINERACT-416
>                 URL: https://issues.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
>             Fix For: 1.3.0
> 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.

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