Overview
- This feature allows a user to
Background and strategic fit
There is a need to tailor loan repayments to suit the cash flow patterns of the borrower. This is especially true of products like agricultural loans where clients cash flows can be quite volatile. Consequently returns in such sectors are seasonal, unpredictable and often lower than those of the regular commercial enterprises for which MFIs disburse loans. This necessitates the need for Financial Institutions to customize loans products, which allow for more flexibility with the installment schedule.
The Variable Installment Loans feature of Mifos X accommodates this flexibility by specifying:
For a loan product:
Minimum and maximum gap that should be present between installments (minimum is mandatory, however maximum is optional)
An optional minimum installment amount
For a loan:
Allow installment due dates to be modified
Allow installment amounts to be modified (either total installment or principal portion can be modified)
Add additional installments
Validate the schedule and calculations after making these changes
Requirements/User Stories
| # | Title | User Story | Importance | Notes |
|---|---|---|---|---|
| 1 | ||||
Business Rules
Variable Installment may be specified for loans that have either flat interest calculation or diminishing balance based interest
Attributes
| Attribute | Description | Notes |
|---|---|---|
Security and Permissions
Mifos Functionality Enhancements
New Screens
Changes to Existing Screens
Changes/Enhancements to Batch Jobs
Changes/Enhancements to Accounting Entries
User interaction and design
Exception Handling
Reporting
APIs
Notes
Questions
Below is a list of questions to be addressed as a result of this requirements document:
| Question | Outcome |
|---|---|