|
Client has to pay the whole interest even when he repays the loan on the second day of the disbursement.
For example: Client took a loan of 10000 with 10% interest for 12 months and after 1 month he repays the loan. In Mifos X he has to repay the interest of 12 months in order to close the loan but in reality he only has to pay the interest of that month and maximum a charge if the Financial institution has one for prepayment.
Right now the solution for this is to waive the interest manually, which is a problem for us. In a lot of countries, lots of loans are being prepayed fully before the maturity date. So operators would have to do too much manual work, which is a problem. Could anyone please help us with this? Thanks.
|
