Details
-
New Feature
-
Status: In Progress
-
Major
-
Resolution: Unresolved
-
None
-
None
-
None
Description
Due to regulatory requirements in France, where loans cannot exceed 89 days, the Fineract SOR needs to be extended to support defining that a loan has a maximum length and the maximum length of that loan defines the length of the last installment which will be a shorter period than the first two installments.
For example for France this would consist of two thirty-day installments and one 29-day final installment. The initial plan/repayment schedule has to stay within that maximum loan length period. Trailing activities post-maturity that could post to the loan beyond the maximum loan length period are permitted.
Requirements
- Need an Option to define the fixed tenure for the loan account
- All installments should honor the repayment frequency set and the fixed length tenure days should be adjusted to the last installment only
- Max length can be defined in days or weeks or monthly, Only applicable for loans with terms defined in days or weeks or monthly respectively
- Payment holiday, skip payment or Reschedule keeps the length (in days) of the last installment the same as before - honors the fixed length defined
- Extend schedule changing the repayment schedule is fine
- it can be applied only with 0-interest products.
- Post maturity, N+1 is allowed is not affected by this feature