Loan Principle repayment not done by customer in installment period

[former_member597804]

Hi,

We have below scenario.

My client is giving loans to employees from Company Account.

Employees will repay the EMI and later Interest will be collected.

So that Employees sometimes defaulted. in this case, the end period will have to change to next period automatically. For example, if employee defaulted continuously for 5 months, End period will automatically extend 5 Months.

Currently manually user is changing. how to avoid it. Customer requires auto extend once defaulted.

In other type loans, No end period is required but interest will calculate on Principle amount.

User will not make any manual entries.

In other words,

Customer not paid he the stipulated interest in the respective period the outstanding balance need to be increased and interest need to be computed based on the outstanding amount

Thanks & Regards,

Krishna