[Mifos-users] Mifos Interest Rate calculation

[[ Brainiac ]]

Hello,
I am keen to deploy Mifos for a loan giving entity but im a bit confused by the design decision to limit variable interest rates to redusing balance calculation. The organization im deploying for would like to charge a flat interest rates but give loans that are repaid on a daily basis, is it possible to curtomize this on mifos. If yes, could someone advice / point me in the right direction?


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[Stephen Kaufman]

With a penalty for late payment, is that added automatically by Mifos to the "bill" or does an end user need to add that manually?

[Kay Chau]

Hi this needs to be added manually, there is no auto penalty in Mifos.

On Fri, Aug 19, 2011 at 10:05 AM, Stephen Kaufman <SKau...@schawk.com> wrote:

With a penalty for late payment, is that added automatically by Mifos to the "bill" or does an end user need to add that manually?

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[Keith Woodlock]

Stephen,

As kay says, at present that would have to be done manualy in mifos
but if you could provide more detail around what your client would
like to happen around automatic penalties we could create a jira issue
for it and schedule it for a future release.

Keith.

[Keith Woodlock]

Areba,

As you say at present, in mifos, the 'variable installments' type loan allows a user to edit date of installment and the 'total installment due' figure and adjusts principal and interest in subsequent installments based on the 'declining method' on a daily basis.

Is what you require this functionality but using the 'flat' method instead of 'declining method'?

i.e. the typical 'flat' method for non variable installment type loans is not suitable as it doesnt calculate based on daily basis?

Is this correct?

Keith.

[Keith Woodlock]

Areba,

I created http://mifosforge.jira.com/browse/MIFOS-5110 to track your need for 'Flat' method to be used on loans of type 'variable installments'.

Can you confirm this is what you need?

Keith.

[Ed Cable]

Stephen,

If had time to add more details around automatic penalties please add it to this existing issue:

http://mifosforge.jira.com/browse/MIFOS-3384

Miguel,

I know you too also were interested in automatic penalty generation either through an assessed fee or increased interest - could you add your details the above feature request?

Ed