[Mifos-users] Define and Apply Late Payment Fees (Penalty) to Loan Products

[Diane via Mifos-users]

Hello!

How can I define penalties in Mifos X? I want to define penalties that will run automatically when a loan payment has passed the due date.

I followed the steps to define fees, but while defining the charges, I need clarifications on the field "amount" which is mandatory field. What are we supposed to put in this field?

In my case, the penalties are of 5% of the amount supposed to be paid.

Thank you.

[Ed Cable]

Diane,

You can follow the piece of documentation at https://mifosforge.jira.com/wiki/spaces/docs/pages/72908813/Charges.

But in short, make sure the charge time type is "Overdue Fees" and then Charge Calculation should be "% Loan Amount + Interest" and then the Amount would be the percentage specified as an integer so 5% would be a 5 and not .05

Also make sure you check box as "Penalty"

Ed

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[Diane Uwamahoro via Mifos-users]

Thanks Ed,

How does it apply to loans automatically? Do I have to run the job manually?

Diane 

[Stebbins Tugara]

Hello Diane,

After setting up your penalty charges, by default it will execute in the background automatically. There is a scheduler job called "Apply penalty to overdue loans" under Admin--System--Scheduler Jobs that takes care of this on a daily basis.

Regards

Stebbins 

[Diane via Mifos-users]

Thank you. I managed to apply late payment penalties to loans.

Diane

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