Title: Message Title
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The refund functionality for an active loan enables overpaid amount to be refunded to a client. Overpaid amount here is the actual payment less the expected payment made.
Use case 1
A client takes a loan and the first repayment date is 01/01/2014, for a period of 6 months with monthly installment of $100 i.e. total loan amount is $600. The client has made only installment of $ 120 420 .
As of 03/03/2014
Expected repayment about = $ 200 300
Acutal Actual repayment amount = $ 120 420
Maximum refund amount = $ 200 420 - $ 120 300 = $ 80 120
Use case 1
A client takes a loan and the first repayment date is 01/01/2014, for a period of 6 months with monthly installment of $100 i.e. total loan amount is $600. The client has made an installment of $400.
As of 03/03/2014
Expected repayment about = $300
Actual repayment amount = $400
Maximum refund amount = $400 - $ 300 = $100
Use case 2
A client takes a loan and the first repayment date is 01/01/2014, for a period of 6 months with monthly installment of $100 i.e. total loan amount is $600. The client has made a total repayment of $300.
As of 03/03/2014
Expected repayment about = $300
Actual repayment amount = $300
Maximum refund amount = $300 - $ 300 = $0
Client is not entitled to any refund
Use case 3
A client takes a loan and the first repayment date is 01/01/2014, for a period of 6 months with monthly installment of $100 i.e. total loan amount is $600. The client has made a total repayment of $200.
As of 03/03/2014
Expected repayment about = $300
Actual repayment amount = $200
Maximum refund amount = $200 - $ 300 = - $100
Client is not entitled to any refund and to pay $100
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