Kigenyi Wilfred created FINERACT-2400:
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Summary: Use available on savings account if the available balance
is not enough to cover the installment
Key: FINERACT-2400
URL: https://issues.apache.org/jira/browse/FINERACT-2400
Project: Apache Fineract
Issue Type: Improvement
Components: Loan
Affects Versions: 1.13.0
Reporter: Kigenyi Wilfred
Loans can be configured to have standing instructions. These standing
instructions are run by a job at a set time. The idea is to automate transfer
of funds from the customer's savings account to their loan. In brief we are
automating paying of loans using funds that are the customers savings account
when an installment is (over)due. They way it works right right now is that
transfer (payment) of the loan will only happen if the customer has enough
available balance to cover the loan amount that is due. If the available amount
is less than the amount required to settle installment then the transfer will
not not happen. The system will throw an Insufficient balance exception.
Consider a loan that has an installments of UGX 40,000. If the available
balance is >=40000 UGX, then the installment will be paid, if it is not, let's
39,900, the transfer will not happen and an exception will be thrown. Ideally
if the funds on the savings account are not enough to cover the installment
then the maximum available funds should be used to make the partial payment of
what is being demanded. In this example the UGX 39,900 should be used to pay
part of the 40,000. If desired, a log can made to indicate that the funds did
not cover the whole installment but at least the lender will have recovered
some of the the money that is due.
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