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http://mifosforge.jira.com/browse/MIFOS-3384?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=71502#comment-71502
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Miguel Joia Santos commented on MIFOS-3384:
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In my opinion:
Automated penalties to be customized in the creation of loan product dashboard.
We would have an extra field to choose the type of penalty to be applied.
- fixed daily amount
- % of loan in arrears (principal)
- % of loan in arrears (principal + interest)
- % of loan in arrears (principal + interest + penalties)
To be applied daily on the batch jobs. The batch jobs would apply the penalties
and change the next loan repayment based on the penalties applied. The
additional outstanding loan repayments would remain the same as per the initial
loan schedule.
> 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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