Commission fee, payable in installments
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Key: MIFOS-4319
URL: http://mifosforge.jira.com/browse/MIFOS-4319
Project: mifos
Issue Type: New Feature
Components: Loan Account
Affects Versions: Release E
Environment: Release Namemifos-v1.7.x-beta
Commit Identifier874b78eb8759af0a248ae41ea3e7d5eba7f9724b
Build DateTue Nov 02 08:55:39 PDT 2010
Reporter: Milan Patel
We require configuration in which the client is charged a commission fee,
which is payable in installments along with the loan repayment.
In this example, the fee is 7.5% of the loan amount. The loan is payable on a
weekly basis.
I originally tried to set it up in Mifos to pay 7.5% of the loan amount on a
weekly basis; this however charges 7.5% of the original loan amount each week,
instead of dividing it amongst the repayment periods.
This fee must be divided between each repayment period. It is key to note here
that the term of the possible loan cannot be determined / preset
beforehand--for example, if loans had to be repaid weekly over preset periods
for 1 year (52 weeks), 1 month (4 weeks) etc., it would be possible to set a
fee for each potential loan term and divide the percentage appropriately.
However, my organisation does not use standard loan terms--they could have a
repayment schedule over 7 weeks, for example. As such, the fee needs to be
divided amongst a periodic repayment schedule, of which the number of periods
is variable.
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