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Loan charges
In mifos x, we allow a user to associate charges against a loan at any point. As explained above, any charges from loan product are by default added to the loan during creation. These can be removed during creation of loan applicaton or later. want to support maximum flexibility in what users can do with regards loans and loan charges (fees and penalities). Charges can be associated (or removed) with a loan at the following stages:
- During new loan application process (default charges on loan product automatically picked up, these can be removed or added to during the loan application process)
- After loan application has been created (but not approved/disbursed)
- Any time during the loan contract (after loan is disbursed), possible to add new fee charges or penalty charges that would be due on 'specified date'
When a defined charge is associated with a new loan application or loan, it becomes a 'loan charge'. All details of the defined charge are captured along with the value or amount of the charge. As such when a defined charge is changed, the details of the charge as created against the loan do not change.
Right now we have a table called 'm_loan_charge' that holds all the related information.
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