[Mifos-users] Fwd:

5 views
Skip to first unread message

Immanuel Jeyaraj

unread,
Jun 28, 2016, 1:27:49 AM6/28/16
to mifos...@lists.sourceforge.net
Need some support.

I have created a penalty for the loan and updated the penalty for the loan. Then I had created the loan for a individual and made a delayed repayment. The penalty calculated seems to be odd. Can someone help me understand this. Attached is the screenshot of the repayment schedule and penalty details.

Thanks
Immanuel

2016-06-21-145003_1366x744_scrot.png
2016-06-21-145422_1366x744_scrot.png

Nayan Ambali

unread,
Jun 28, 2016, 2:32:41 AM6/28/16
to A good place to start for users or folks new to Mifos.
Hi Jayaraj,

As you have given penalty frequency as daily, then system computes 3% penalty on OD principal and interest, every day.

Please refer below table for how penalty is computed. hope this will clarify your doubt.

Note Penalty On EoD Number of days OD             Prin OD           Inter Od            Penalty formula Actual penalty

4th April 1 1000 178.36       3% * (1000 + 178.36 ) * 1 day 35.3508
First EMI is OD by 31 days 4th May 30 1000 178.36       3% * (1000 + 178.36 ) * 30 day 1060.524
Secaond EMI is OD by 1 day 4th May 1 1000 173.21       3% * (1000 + 173.21 ) * 1 day 35.1963


Thanks
Nayan Ambali



Thanks and Regards,
Nayan Ambali
skype: nayangambali

------------------------------------------------------------------------------
Attend Shape: An AT&T Tech Expo July 15-16. Meet us at AT&T Park in San
Francisco, CA to explore cutting-edge tech and listen to tech luminaries
present their vision of the future. This family event has something for
everyone, including kids. Get more information and register today.
http://sdm.link/attshape
_______________________________________________
Mifos-users mailing list
Mifos...@lists.sourceforge.net
https://lists.sourceforge.net/lists/listinfo/mifos-users


Immanuel Jeyaraj

unread,
Jul 1, 2016, 2:17:32 AM7/1/16
to mifos...@lists.sourceforge.net
Dear Madan,

Please see the reply from Mifos, regarding penalty

Hi Jayaraj,

As you have given penalty frequency as daily, then system computes 3%
penalty on OD principal and interest, every day.

Please refer below table for how penalty is computed. hope this will
clarify your doubt.

Note Penalty On EoD Number of days OD             Prin OD
Inter Od
Penalty formula Actual penalty

4th April 1 1000 178.36       3% * (1000 + 178.36 ) * 1 day 35.3508
First EMI is OD by 31 days 4th May 30 1000 178.36       3% * (1000 + 178.36
) * 30 day 1060.524
Secaond EMI is OD by 1 day 4th May 1 1000 173.21       3% * (1000 + 173.21
) * 1 day 35.1963

Thanks
Nayan Ambali
On Tue, Jun 28, 2016 at 10:57 AM, Immanuel Jeyaraj <sefi...@gmail.com> wrote:
Reply all
Reply to author
Forward
0 new messages