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http://mifosforge.jira.com/browse/MIFOS-3384?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=71474#comment-71474
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Binny Gopinath Sreevas commented on MIFOS-3384:
-----------------------------------------------
My opinion:
The penalty calculation can be:
a) Amount which is
- Percentage of Outstanding principal amount
- Percentage of Outstanding loan amount
- Percentage of Overdue Amount (i.e. overdue Principal + overdue
interest)
- Percentage of Overdue Principal
- Ad Hoc Amount (i.e. manually entered by user)
b) To be charged -
- one time - to be applied:
* with immediate effect or
* at next installment date or
* on a future date - user can select a date using date picker
- for every ("X" days, weeks, fortnights, months) of delayed payment
- for every installment period of delayed payment (i.e. penalty will
be charged depending on installment period)
> Late Payment Penalties
> ----------------------
>
> Key: MIFOS-3384
> URL: http://mifosforge.jira.com/browse/MIFOS-3384
> Project: mifos
> Issue Type: New Feature
> Components: Fee, Loan Account
> Reporter: Sam Birney
> Assignee: pmqueue
> Priority: Major
> Labels: Accion, Mozambique, almajmoua, community, fantsuam,
> featuretrain, prioritygaps
> Fix For: Release H
>
>
> Some MFIs use late-payment penalties to encourage on-time repayments. For
> example, Al Majmoua charges $1/late day. Some initial requirements to think
> about for this feature:
> * allow late repayment penalty rules to be configured
> * automatically apply the penalties as they are incurred (probably via batch
> job)
> * allow the penalties to be waived (or partially waved for some of the days)
> * allow penalty payments to be made after loan is closed, not tied to meeting
> date
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