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http://mifosforge.jira.com/browse/MIFOS-3384?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=71583#comment-71583
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Chetan Bekkinkeri commented on MIFOS-3384:
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Shiva,
I went through your scenario and it looks quite complex to get this implemented
in the current design/specification. Given that this is a complex feature, I
suggest that we get this feature out as a initial version with the current
design. We can look at incorporating your scenario in the next releases. The
current design will support your requirements partially. For example , to apply
incremental fixed penalty, you may have to choose the following settings
Fixed Penalty Amount :Rs 10
Penalty application Frequency : monthly
Hence if amount due on 01/12/2012, and not paid, at end of day on 01/12/2012,
we will have a batch job run and apply Rs 10 to the account.
If the account continues to remain unpaid at the end of the one month duration
(02/12/2012),
another INR 10 will be added to the account since the application frequency is
monthly and so on.
Similarly for the % penalty application, every period of non-payment will
result in additional penalty.
Thanks
Chetan
> 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: safik omara
> 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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