[FINERACT-687] Automatic application of Late Penalty should not happen in certain scenarios

• Type: New Feature
• Status: Open
• Priority: Major
• Resolution: Unresolved
• Affects Version/s: 1.8.0
• Fix Version/s: 3.0.0
• Component/s: Loan
• Labels: gsoc2019 p1
• Flags: Important
• Assignee: Unassigned
• Reporter: sapana
• Created: 01/Jan/19 09:00
• Updated: 07/Nov/23 00:44

Description

Currently, late penalty charges are applied automatically depending on chargeTime configuration if the loan is not closed. However, in following scenarios, we should be able to configure if late penalty should be applied or not:
1. Outstanding amount for Loan is within arrears limit
2. Loan is in NPA

As a workaround, these charges can be waived, but it reflect in accounting journals which is not desired.

Also, there are regulatory requirements stating sum of all charges levied on loan cant be greater than x%loan principal value.

Issue Links

• Blocked: FINERACT-1305 Release Apache Fineract v1.5.0