Goals
- Allow Fineract to support basic open-ended credit, i.e, a loan account on which borrows can make multiple withdrawals subject to the total balance being lesser than a predefined limit.
Background and strategic fit
Fineract 1.x has good support for term loans , i.e loans wherein a complete repayment schedule is generated at the time of approval/disbursal. However, it lacks support for revolving credit / line of credits / open ended loans like credit cards. Introducing the same in Fineract-CN would help differentiate it from Fineract 1.x and encourage users having these requirements to implement Fineract-CN
Assumptions
The specification isn't comprehensive and does not deal with functionality already present in Fineract 1.x / enterprise forks of Fineract 1.x which are a pre-requisite to support the loan in its entirety, which include
- All common loan product settings including fees, penalties, interest rates, amortization, repayment strategies, moratoriums, arrears tolerance etc
- Integration with accounting
- Loan origination
- Loan servicing including delinquency and defaults management
- Collateral management
- Customer exposure limits
The specification instead focuses on the additional features required in the loan module to support open-ended credit
Requirements
# | Title | User Story | Importance | Notes |
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User interaction and design
Questions
Below is a list of questions to be addressed as a result of this requirements document:
Question | Outcome |
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