Migrated over from MifosForge – final edit on September 15, 2015.
- This particular feature enables a individual to
Background and fit that is strategic
This is also true of items like agricultural loans where consumers money moves can be very volatile. Consequently returns such sectors are regular, unpredictable and sometimes less than those associated with regular commercial enterprises for which MFIs disburse loans. This necessitates the necessity for banking institutions to personalize loans services and products, which enable more freedom aided by the installment routine.
The adjustable Installment Loans function of Mifos X accommodates this flexibility by indicating:
For the loan item:
Minimal and gap that is maximum must be current between installments (minimum is mandatory, nevertheless optimum is optional)
An minimum installment amount that is optional
Allow installment due times to be modified
Allow installment amounts to be modified (either total installment or major part could be modified)
Include extra installments
Validate the routine and calculations after making these modifications
Adjustable Installment can be specified for loans which have either flat interest calculation or diminishing stability based calculation that is interest
For the provided loan routine, individual may either alter principal or installment amount (rather than both)
Consumer will make these adjustments just ahead of loan account approval.
Consumer may alter the date of the many installments.
Consumer may well not alter the quantities when it comes to installment that is last.
Then the other will be automatically calculated by Mifos if the user enters an amount for either principal or installment amount.
The consumer may specify variable installments in 3 situations: