Hi Adriana, Welcome to the community! I look forward to learning more about the Fintech Innovation that Bowpi is working on in Guatemala.
In theory, you should be able to support the loan product with the daily repayment penalties that you're requiring. I wasn't able to test it out on the demo server just yet but I configured a product with the daily interest and declining balance calculation along with an overdue fee charge that is 10% of the loan amount + interest, calculated on a daily frequency. Were you stating that you just needed the penalty to be calculated only on overdue interest? and not overdue principal + interest or total interest? Thanks, Ed On Fri, Jul 28, 2017 at 3:23 PM, Adriana Pinto <[email protected]> wrote: > Hi Community. > > Our team has been developing over the platform, and it’s really > interesting. > > Actually, we have a special case, which has demanded us the > daily-calculation of interests in our loans. > > How? Every loan are calculated with a nominal rate and Declining Balance, > and it’s ok; but at late repayments we need to calculate the overdue > charges DAILY. > > For example: > > Overdue interests are 217.11, and the rate for overdue charges is 10%. > Then, the moratorium per day would be (217.11*10%*1/360), and it would be > *accumulated* till the day the repayment occurs. > > > > Is there any way of configuring this calculation and having evidence of it. > > > > Kind regards, > > Adriana Pinto > > > -- *Ed Cable* President/CEO, Mifos Initiative [email protected] | Skype: edcable | Mobile: +1.484.477.8649 *Collectively Creating a World of 3 Billion Maries | *http://mifos.org <http://facebook.com/mifos> <http://www.twitter.com/mifos>
