Link Loan module to Savings and Shares module for automatic management of Compulsory Savings and Shares

Description

In Saccos, when a client applies for loan during loan approval the following are checked against clients loan amount

  • No of Shares, Specific Loan amount requires a certain number of savings e.g 2000 - 5000 may require 3 shares, 5000 and above may require 5 shares so during loan approval, there should be a checker for this condition and if a client fails to meet the above, approval should not proceed but can be made configurable to override the condition by super user

  • Voluntary savings balance (from this balance a second account called Compulsory Savings is created for the client where a certain %age of amount is transferred from clients Voluntary Savings to this Compulsory Savings Account which acts as a loan security. Say 20% of Loan Amount is transfer from Voluntary Savings to Compulsory Savings Account which doesn't earn interest (0% interest rate for this type of account).

At the end of the loan period, when the client clears the loan to zero balance, the amount should be automatically transfer to client's voluntary account probably during end of day (Job scheduler should be added for this)

  • All Loan Credit checks like

  1. Client Arrears

  2. Grace Period Check

  3. Group Arrears

  4. Guarantors are not allowed to borrow

  5. Guarantors are not allowed to guarantee multiple loans

  6. Minimum Savings Balance

  7. Outstanding Loan Balance

  8. Rejected and withdrawn loans

  9. Same Product Outstanding

  10. Total collateral items value

  11. Written-Off Loans Check

Environment

None

Assignee

Unassigned

Reporter

Ippez Robert

Labels

Implementation Priority

Must

URL

None

Team

Core

productboard URL

None

Man Day Estimate

None

Components

Fix versions

Priority

Major
Configure