Re: [Mifos-users] Loan repayment issue

[Munna Biswas]

Hi Sagar,

I don't think Mifos works this way. From my understanding, the interest accrued during disbursement (in your case, 3219.39) must be taken additionally if you set certain conditions of fees or penalties, which will also add to the EMIs. Essentially, the interest amount is fixed unless waived. However, from your description, it seems that you don't take interest if paid in advance. In that scenario , the interest amount of 3219.39 would not be fixed.

I've never encountered this scenario with Mifos but have seen it in some other LMS. If you find a way to handle this, please let me know for future reference.

Best regards,
Munna Biswas
[9609488224]

On Thu, Jul 25, 2024 at 11:38 PM PHOENIX SAGAR <phoeni...@gmail.com> wrote:

Hi All,

I was exploring loan product configuration and want to configure a loan such that it reflects to when repayment is done.

Currently it is taking advance payment and considering it as next emi repayment even if repayment is done on same day of disbursement

Ideally it should take no interest or 1 day interest if repayment is done early. Which configuration affects this ? how to achieve this ?

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[Munna Biswas]

Good suggestion by @bgo...@mifos.org. It will be helpful to me as well. @SAGAR, please let me know the results after testing.

On Fri, Jul 26, 2024 at 7:55 PM Bharath Gowda <bgo...@mifos.org> wrote:

Hi,

If you are looking to collect interest calculated based on the number of days, then use the following configuration, this should give you the interest as of the repayment date.

Interest calculation period: daily

Interest method: declining

and below interest recalculation fields

Regards,

Bharath

Lead Implementation Analyst | Mifos Initiative

Skype: live:cbharath4| Mobile: +91.7019635592

http://mifos.org