Waive outstanding amount on installment (waive partial amount interest
component)
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Key: MIFOS-5216
URL: http://mifosforge.jira.com/browse/MIFOS-5216
Project: mifos
Issue Type: Improvement
Components: Loan Account
Affects Versions: Release 2.2.1, Release 2.2
Reporter: keithwoodlock
Assignee: mifosdeveloperqueue
Priority: Major
Fix For: Unscheduled
In countrys where the currency/dollar ratio is high (i.e larger numbers
required for loan amounts etc)
If a loan repayment is say 9,311 CFA per month. The entrepreneur will likely
only pay 9,310 or even 9,300 CFA, because of the granularity of the currency. 1
CFA equals about 2 cents. After doing this for a while (let's say 3 months),
Mifos (we're using 2.0) will tag this loan as 'Active in bad standing' because
multiple payments are less than they should be.
Technically, this is true, but as a practical matter, after 3 months, the loan
is only behind schedule by, say 3 CFA, or 6 cents. The MFI typically isnt
worried about this and might want to waive or forego it as for all practical
purposes, this loan is on schedule, in good standing.
In this case, it makes sense that the amount waived is taken of the 'interest'
component of the loan installment.
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