Why don't you just charge the first repayment amount as a fee On Sat, Oct 19, 2019, 6:50 PM Nayan Ambali <[email protected]> wrote:
> 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 >>> >>
