Enabling Variable Installments
Last updated
Last updated
Many of the financial institutions using Mifos X need greater flexibility and control around the repayments schedule to support agricultural loans and other products that are more suited to the cash flows of the borrower. New support for variable installment loans allows for the dates, amounts, and number of installments in the repayment schedule to be manually configured prior to loan approval.
At the product level, one can now enable variable installments, and then specify the minimum and/or maximum gap that can be present between installments.
For each loan account with this setting enabled, the following can be manually configured in the repayment schedule prior to approving the loan:
Adjust due dates of installments
Add/remove installments
Modify amount of the installments
Go to Admin>>Product>>Loan Product>> Create Loan products
Provide all the necessary fields for creating a Loan product, refer Loan Product Fields
In the settings section, update fields mentioned below: a) Is variable installments allowed - Check the check box to enable. b) Minimum gap between days - Provide minimum number of days. c) Maximum gap between days - Provide maximum number of days.
3. Click Submit.
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