Hello all,
I had a question regarding support of a loan product a potential Mifos
customer is looking for.
This MFI has 30 day loans which are repaid daily with Sunday as a
non-working and no interest being charged for Sunday.
We are looking to implement daily repayment capabilities in Mifos for the
next release. My question is with daily repayment support and the flat
interest method selected with Sunday defined as a non-working day, would
Mifos be able to support this product?
I wasn't sure if interest would be accrued on the non-working day. Does
this apply only to meeting schedules or since daily repayment is enabled
this would also effect interest calculation.
Thanks,
Ed
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