[Mifos-users] Functional Requirements for Daily Loan Repayment Support Needed

[Ed Cable]

Hello all,

Chetan is working on preparing the functional specification for https://mifosforge.jira.com/browse/MIFOS-5614 - support for daily loan repayments so this feature can be built in the upcoming Samiha J release.

Could you please add to the comments or attachments to this issue your daily loan repayment requirements? Details on the products you support, how the loans are repaid, interest calculated etc. should be be shared.  

This support has been requested often so please add your requirements so we can ensure the daily loan support meets your own business requirements.

Please send your inputs before the end of this week.

Thanks,

Ed

[Dale Fuertes]

27 July 2012

Hi,

Thank you for working on the daily loan repayment feature for the next release.

In our credit cooperative in Philippines, we apply daily loan repayment for the Group/Solidarity Loans. Details as follows:

Loan Amount: PHP3,000 - 55,000

No. of Installments: 60 and 90

Frequency: DAILY

Interest Rate Method: FLAT

Interest Rate Charged: 10% (60 DAYS DURATION) and 15% (90 DAYS DURATION)

Interest Type: ONGOING (charged within every repayment)

Regards,

 

Dale A. Fuertes-Pham

Email:    dale_f...@yahoo.com

---

From: Ed Cable <edc...@gmail.com>
To: A good place to start for users or folks new to Mifos. <mifos...@lists.sourceforge.net>
Sent: Wednesday, July 25, 2012 10:25 PM
Subject: [Mifos-users] Functional Requirements for Daily Loan Repayment Support Needed

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[Shawn Michaels]

I think it is good to have the repayment schedule dynamic and user definable. I.e an organization can define their own repayment schedules; e.g. quarterly, daily, bi-annually, monthly, weekly, daily, after two days.  Giving this flexibility will put to rest frequent changes 'due to diverse requirements'