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Loan product and loan types
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1. The system allows creating very complex loan products that match with different MFI work flow.
2. The system provides flexibility to create different loan types. They are as follows
- Standard loan — Flat interest
- Equated Weekly loan — Reducing balance
- Bullet loan — repaid in single full payment or periodic interest repayments and single shot principal repayment
- Take over loan — Take over an existing portfolio
3. The loan product can be customised to have different payment validations & loan validations.
- amount must be paid in full or not at all
- insurance must be mandatory
- installments should be integer
- scheduled dates must be center meeting days,
- part of a group & passed grt?.
Additional validations can be applied using rules engine