Ideas for the Mambu Banking Engine

Payment due fee calculation method - Percentage of outstanding principal balance

What: Add a new method for calculating “Payment due” fees, as a percentage of the outstanding principal balance.

Why: Organizations want to be able to charge payment due fees based on the principal balance of the loan account as of the payment due date, for example for Monitoring fees which are charged to cover the cost of in life monitoring of conditions and covenants or to cover costs for in life relationship management.

  • Rodrigo Ocampo Uribe
  • Oct 26 2016
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  • Jason Riley commented
    September 28, 2018 08:42

    We need this fee in order to calculate credit life insurance, which is payable as a percentage of the outstanding loan balance on a monthly basis