Hi Onyedikachi,
I have replied to this same question by you on Answerhub.
http://mifos.cloud.answerhub.com/questions/2032/need-help-with-setting-up-this-specific-loan-produ.html
Greets
Santosh
---------- Forwarded message ----------
From: Onyedikachi Nwosu <ka...@isprynt.com>
Date: Thu, Jun 8, 2017 at 7:28 PM
Subject: Configuring a Loan Product to meet these Description
To: sant...@confluxtechnologies.com
*Hi Santosh,*
*Here is the Description and sample implementation.*
*Loan Product Description *
Interest rate - 5-15% per year
Loan Term: 1 year No of Repayments:12
Every year after the Loan term, 5-15% penalty is charged on the Loan
Balance.
*Sample Implementation: *
Client A is issued a Loan of 800 @ 15% per annum in January 1999;
Initial Principal to be repaid: 800
Initial Interest to be repaid: 120
Total: 920
*But by January 2000;*
Loan balance: 200
hence penalty: 200 * 15% = 30
Total: 230
*Also by January 2001;*
Loan balance: 155
hence penalty: 155 * 15% = 23.25
Total: 178.25
*By November 2001*; The whole Loan was repaid
How best can I *configure a loan product* to achieve this.
Thanks.
Kind Regards,
Kachi
--
Thanks and Regards
Santosh Math
Lead QA & Support
Conflux Technologies Pvt Ltd, Bengaluru
Skype:santoshmath99
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