From e6b2a35f41e55d44cc64d2d882bb8cb3b4e63659 Mon Sep 17 00:00:00 2001
From: Vishwas Babu A J Late payment: Any payment that pays off an installment that occurs after the due date of the installment. There is no penalization for late payment. The total cost of the loan does not automatically increase, no penalties are automatically applied to the loan. This strategy works similar to the Interest Principal Penalties Fees Order for on-time and late payments. If the installments are paid early we will This strategy works similar to the Interest Principal Penalties Fees Order for on-time and late payments, i.e
Payment order:
Early Payment Strategy
-
@@ -23026,7 +23026,8 @@ No Request Body:
Early payment: Any payment that pays off an installment that occurs before the due date of the installment. There is no incentive/advantage to making an early payment as theres no decrease in cost of the loan.
+Early payment: Any payment that pays off an installment that occurs before the due date of the installment. There is no incentive/advantage to making an early payment as theres no decrease in cost of the loan. However, early payments are allocated only towards principal payments of future installments. Interest and fees/penalties of future installments are not paid and may be waived + manually if required
On time payment: Any payment that pays off an installment that occurs exactly on the due date of the installment.
diff --git a/mifosng-provider/src/main/java/org/mifosplatform/portfolio/loanproduct/domain/LoanTransactionProcessingStrategy.java b/mifosng-provider/src/main/java/org/mifosplatform/portfolio/loanproduct/domain/LoanTransactionProcessingStrategy.java index 3aa255a51..634a13046 100644 --- a/mifosng-provider/src/main/java/org/mifosplatform/portfolio/loanproduct/domain/LoanTransactionProcessingStrategy.java +++ b/mifosng-provider/src/main/java/org/mifosplatform/portfolio/loanproduct/domain/LoanTransactionProcessingStrategy.java @@ -39,7 +39,7 @@ public class LoanTransactionProcessingStrategy extends AbstractPersistable