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http://mifosforge.jira.com/browse/MIFOS-3384?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=71555#comment-71555
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hugotechnologies commented on MIFOS-3384:
-----------------------------------------
In addition to Miquel Jola Santos
Case I: Percentage based penalties for overdue days
Should also have a slab based penalties based on the overdue of a loan amount.
Penalty % will vary based on the overdue Age example as below.
OverDue Days
1-30 31-60 61-90 91-120 121 and
above
Case I Penalty % on Overdue Amount 2% 2.50% 3% 3.50% 5%
OR
It should also have the flexibility to define a fixed penalty amount for the
overdue days.
OverDue Days
1-30 31-60 61-90 91-120 121 and
above
Case II Penalty Fixed Amount 10 20 40 100 150
It should be an automated process, probably Batch jobs for applying the
penalties based on the rules.
Thanks
Shiva (Hugo Technologies)
> 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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