| Page Properties | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Overview
- This feature allows a user to
Background and strategic fit
...
| # | Title | User Story | Importance | Notes |
|---|---|---|---|---|
| 1 | Setup variable installment loan product | As an Operations Manager, I want to setup a loan product that will support variable installments so that loan officers can align loan repayments to client's ability to repay | Must Have | |
| 2 | Change installments amounts | As a loan officer, I want to change the amounts for installments for a loan so that the repayment amounts can be aligned to the client's ability to repay | Must Have | |
| 3 | Change installments dates | As a loan officer, I want to change the dates for installments for a loan so that the repayment dates can be aligned to the client's ability to repay | Must Have | |
| 4 | Add an installment | As a loan officer, I want to add a new installment for a loan so that the repayment dates and amounts are aligned to the client's ability to repay | Must Have | The new installment may be added either in the middle of the repayment schedule or at the end of the repayment schedule. |
| 5 | Validate Schedule | Must Have |
Business Rules
Variable Installment may be specified for loans that have either flat interest calculation or diminishing balance based interest calculation
...
If the user enters an amount for either principal or installment amount, then the other will be automatically calculated by Mifos
Attributes
For Loan Products
| Attribute | Description | Notes | |
|---|---|---|---|
| Can configure variable installments | Flag denoting whether this loan product support variable installments | True or False. Blank w.ould mean False. | |
| Minimum gap between installments | Integer value that denotes the minimum number of days that need to be present between any two installments for this loan product. | If above flag is true, then this field is mandatory. Ex. 12 - means that at least 12 days is required between 2 adjacent loan installments. If less than 12, then the "validate" button would throw an error. | |
| Maximum gap between installments | Integer value that denotes the maximum number of days that need to be present between any two installments for this loan product. | Optional field. Ex. 60 - means that utmost 60 days is allowed between 2 adjacent loan installments. If more than 60, then the "validate" button would throw an error. | |
| Minimum installment amount | Integer value that denotes the minimum installment amount. | Optional field.
Ex. 300 - means that the installment amount cannot fall below 300. If less than 300, then the "validate" button would throw an error. This validation will not be applicable for the last installment as last installment will be auto-computed. |
For Loan Installments
Security and Permissions
A new permission that will allow a user to "Edit Installment Amount and Dates".
Mifos Functionality Enhancements
New Screens
A new screen that will display the loan schedule and will allow installment dates and installment amounts to be edited. This screen will be invoked via a button "Edit Installments" which is displayed on the Repayment Info screen for a new loan account.
The screen will have the following attributes (displayed in a tabular form).
# (Installment Number), Days, Date, Principal, Interest, Fees, Installment Amount
Clicking on the Date, Principal, Installment Amount fields will allow these fields to be edited.
Fields that have been edited will be displayed in a different color (or there will be a visual indication for the same).
The screen will have the following buttons:
Validate, Save, Cancel (Save will be enabled only after Validate has returned success)
Changes to Existing Screens
A new button "Edit Installments" is to be added in the "Repayment Info" screen in the "new loan account" creation flow.
This button is to be displayed only if the user has the permissions to "Edit Installment Amount and Dates".
Changes/Enhancements to Batch Jobs
None
Changes/Enhancements to Accounting Entries
None
User interaction and design
...