Reg: Individual Preclosure

[Karthik]

When an individual is willing to close his loan account from the group, he will be paying his remaining principal amount and leaves the group. How does mifos handle this scenario?

Also, when an individual is dead, his loan account from the group should be closed and the repayment schedule should be revised. Does mifos support this scenario?

Kindly reply at the earliest.

Thanks,

Karthik.

[Lukasz Chudy]

Hi Karthik,

When an individual is willing to close his loan account from the group, he will be paying his remaining principal amount and leaves the group. How does mifos handle this scenario?

Also, when an individual is dead, his loan account from the group should be closed and the repayment schedule should be revised. Does mifos support this scenario?

Could you clarify if individual has his own Client Loan Account and only belongs to a Group, or there is a Group Loan Account (GLIM) and he is a member of this GLIM Group Loan Account?

Regards,
Lukasz

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[Karthik]

Hi Lukasz,

     Client is in the group and he is the member of this GLIM Loan Account.

Thanks,

 Karthik.

[Lukasz Chudy]

Karthik,

I think that currently Mifos doesn't support scenarios that you described.

If you create GLIM Loan Account then normal Group Loan Account is created but also with table which shows individual members contribution. You can view individual member repayment schedule but it is not directly connected to Client. It is currently only for information purposes.

So, if you close Client, then there will be no changes on GLIM Loan Account. Closed client will be still listed in GLIM table and you will be able to view his repayment schedule.

Regards,
Lukasz

[Karthik]

I suggest an application flow for achieving individual closure.

....

1) Apply payment for the group till anyone is supposed to close.

2) A client is willing to close by giving his remaining principal amount.

3) Calculate principal amount.

4) Pay principal amount.

5) Reschedule for the group.

How does we achieve this flow?

1) Does Principal Pre-payment option work? Will reschedule happen?

2) Does closed reschedule option work?

Regards,

Karthik.