Forwarding this queries from Mani of Habile Technologies about interest rate calculations in Mifos to the mailing lists.
Ed ---------- Forwarded message --------- From: Dhruv Shrivastava <[email protected]> Date: Thu, Jun 28, 2018 at 10:12 AM Subject: Fwd: Mifos Interest Calculation Requirement To: Edward Cable <[email protected]> Hi Ed, Mani is from Habile technologies and is a client of Mifos, he needs some clarification regarding Mifos X Interest posting calculation, could you please help him regarding that? Thank you so much ---------- Forwarded message ---------- From: Mani Parthasarathy <[email protected]> Date: Thu, Jun 28, 2018 at 10:04 PM Subject: Mifos Interest Calculation Requirement To: Dhruv Shrivastava <[email protected]> Cc: Hari Haran <[email protected]> Hi Dhruv, Hope you are doing good! We need a small clarification on Mifos X interest posting calculation. My requirement is as follows: 1) Daily interest accruals have to be accounted at the back end. 2) The Interest calculation method is Monthly Diminishing method. 3) Monthly interest has to be added to loan outstanding balance on last day of the month and it has to be credited to interest earned GL account. 4) EMI has to be apportioned to interest outstanding and balance to principal. For example, EMI having 2 instalments as follows: *Instalment 1:* Due date: 05 February 2018 Principal: $900 Interest: $300 Total: $1200 *Instalment 2:* Due date: 05 March 2018 Principal: $1000 Interest: $200 Total: $1200 Interest income posted on 31 January 2018 - $250 (Interest) If the customer pays $1200 as repayment after 31st January 2018, EMI to be apportioned $250 to interest and $950 to the principal. (It should not be apportioned $300 to interest, It has to consider only the interest income posted before the repayment date) If the customer pays $1200 as repayment on or before 31st January 2018, EMI to be apportioned $1200 to the principal. (It should not be apportioned $300 to interest, It has to consider only the interest income posted before the repayment date) I hope you can help us to resolve this requirement. If you haven’t worked in this area, I will be happy if you can connect with the right person. We are ready to offer any complimentary offers if required! Looking forward to hearing from you. -- Regards, Mani Parthasarathy Business & IT Consultant | Habile Technologies www.habiletechnologies.com | (O): +91 44 4202 0550 | (M): + 91 90030 39994 Skype: mani.mitteam | https://www.facebook.com/HabileTechnologies ----------------------------------------------------------------------------------------------------------------------------------------- DISCLAIMER: All emails and any files transmitted with them are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received an email in error please notify your system manager. The message in the email you have received contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy the email. Please notify the sender immediately by email if you have received an email by mistake and delete the email from your system. If you are not the intended recipient you are notified that disclosing, copying, distributing or taking any action in reliance on the contents of the information is strictly prohibited. [image: Mailtrack] <https://mailtrack.io?utm_source=gmail&utm_medium=signature&utm_campaign=signaturevirality5&;> Sender notified by Mailtrack <https://mailtrack.io?utm_source=gmail&utm_medium=signature&utm_campaign=signaturevirality5&;> 28/06/18, 22:03:42 -- *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>
