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https://issues.apache.org/jira/browse/FINERACT-322?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=16792392#comment-16792392
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Santosh Math commented on FINERACT-322:
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[~vishwasbabu] , I created the scenario here:
[https://staging.openmf.org/#/viewloanaccount/188]
If we use loan product with flat interest and Interest Recalculation enabled,
and try to 'Prepay loan' (1 Feb 2019) , the interest is calculated until 1 Feb
only , not for full 6 months.
I didn't understand the meaning of the last line of the reporter of this ticket
in description:
"I would like to see interest outstanding being stopped once the principal has
been repaid in full."
> Rewarding Early Repayment
> -------------------------
>
> Key: FINERACT-322
> URL: https://issues.apache.org/jira/browse/FINERACT-322
> Project: Apache Fineract
> Issue Type: Improvement
> Components: Loan
> Reporter: Santosh Math
> Assignee: Markus Geiss
> Priority: Minor
> Labels: gsoc, p2
>
> Reported by Shepard Chihoro at https://mifosforge.jira.com/browse/MIFOSX-2520
> Original Description:
> MIFOSX does not reward customers who make early repayments on a flat interest
> calculation method.My normal client contract is has a maximum repayment
> period of 6 months and a minimum repayment period of 3 months.On
> disbursement,MIFOSX calculates the interest for the entire 6 months and makes
> principal and interest for 6 months outstanding.In the event that the
> customer repays the full principal in 3 months,the customer`s account remains
> with 3 months interest due.I would like to see interest outstanding being
> stopped once the principal has been repaid in full.
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