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 <[email protected]> Date: Thu, Jun 8, 2017 at 7:28 PM Subject: Configuring a Loan Product to meet these Description To: [email protected] *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
