Add more options/ parameters for managing loan interest accrual and application after maturity, for both Dynamic & Fixed loan types, such as:
- Stop accruing any interest after loan maturity
- Accrue interest but don’t apply it to the account, for X number of days after maturity, or until account is closed (last one is the current behavior).
- Accrue interest and apply it to the account daily (weekly, monthly...), for X number of days after maturity, or until account is closed.
- option to apply specific (different) interest rate after maturity
To match different lending policies and country regulations: in some countries it is not allowed at all to accrue interest after a loan’s maturity date (the last installment date); in others it is allowed but for a limited number of days (so that the loan doesn’t accumulate interest forever); other organizations continue accruing and applying interest even after the last installment, as if the loan was still active.