Hello Girish, As Santosh mentioned, Mifos does not support the scenario you have mentioned. I agree with Mifos behaviour as standard way of computing the interest, Say if loan is disbursed on 5th January then that day's interest need be accrued/recognised only after completion of the business day, since Mifos does not have business day end feature, only on calendar day change system considers it as business day end, so 5th January's interest is accrued/recognised only on 6th January.
If we look into the case you have mentioned, say on 5th January ₹10,000.00 at *3.00pm* and customer does the first repayment as per the schedule on 5th January at *4.00pm* then for *one hour* are you charging customer for one day interest? Also I want to understand why will there be repayment on disbursement date? Lets say customer need ₹10,000.00, but if you ask customer to pay first repayment on disbursement then effectually his loan amount is equal to (disbursement - first repayment amount) As per my understanding, your mentioned scenario can be achieved only through code level customisation and it is a complex change. - at your service Nayan Ambalii +91 9591996042 skype: nayangambali On Sat, Oct 19, 2019 at 6:30 PM Santosh Math < [email protected]> wrote: > Hi Girish, > Interest is calculated next day onwards of the disbursement. Mifos doesn't > support what you are expecting. > > On Sat, Oct 19, 2019, 5:17 PM Girish Kumar <[email protected]> wrote: > >> Hey there >> >> I have disbursed a loan, the config is set to interest charged from same >> day as disbursed. the same day the loan is disbursed, still, I cannot see >> the interest for that day (first repay date too is same as submitted and >> disbursed) check the loan on demo site >> >> >> - Pauline Wambui Chege <https://demo.openmf.org/#/viewclient/13> >> - new loan -GK(Main Head 000003486) >> >> >> * new loan -GK(#Main Head 000003486)* >> Created a loan on the demo ( >> https://demo.openmf.org/#/viewloanaccount/3486) >> >> The day its disbursed the interest should start ticking. else the firm >> losses 1 day interest if the client comes and pays his loan. foreclosure >> charges is not an option here. >> >> anyone out there knows a solution to this. >> >> Means the interest rate starts from the disbursement day itself (the >> config is set so) >> >> This is creating havoc in my office as the management is a bit serious >> about losing a days interest >> >> Regards >> Girish >> >
