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http://mifosforge.jira.com/browse/MIFOS-3384?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=71556#comment-71556
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hugotechnologies commented on MIFOS-3384:
-----------------------------------------
Readers might get confused with above example, hence changing the format
% Based Penalty for over due days
1-30 days overdue will attract 2% penalty
31-60 days overdue customers will attract 2.5% Penalty
61-90 days overdue customers will attract 3% Penalty
91-120 days overdue customers will attract 4% Penalty
121 & Above overdue customers will attract 5% Penalty
Fixed Penalty Amount for over due days
1-30 days overdue will attract 10/-
31-60 days overdue customers will attract 20/- Penalty
61-90 days overdue customers will attract 40/- Penalty
91-120 days overdue customers will attract 100/- Penalty
121 & Above overdue customers will attract 150/- Penalty
> 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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