For the fintechs Fynarfin is supporting in India, they needed additional flexibility to lessen the debt burden of their customers. The number of loans in the portfolio of their customers for SME and top-up loans was relatively small (<1000 loans). Around thirty of these loans had existing overdue charges from December – February. These two products configured didn’t have interest recalculation enabled.
The codebase had a validation to prevent rescheduling if any overdue charges existed in the installment charge table. Fynarfin got approval from all stakeholders to waive these existing charges (1), reschedule (2) and add the charge back at a specified future due date (3) (under a conservative estimate of when lockdown will be completely lifted) under a different general ledger account.
They were able to do this swiftly by removing the validation from the code and dropping the foreign key on the installment charge table. Then they wrote a JMeter script (kind of like Postman Collection with a for loop) to automate steps 1, 2 & 3.
