The ABGIL loan product details is attached here.
The product was earlier a monthly loan at 20% reducing rate of interest for
max. 28 months and up to 3 grace periods(principal only). It was generating
the schedule as per attached sheet in existing software.
To keep the installment amount same as before we increased the rate of
interest to 21.75% while changing the frequency of payments from monthly to
4 weekly.
On Tue, Oct 6, 2009 at 8:49 AM, Ryan Whitney <[email protected]
> wrote:
> Prachi,
>
> Wow, I’m not sure. You could certainly try. This is an exact issue I
> would post to the user list to see if any of our devs or other engineers out
> there can help. Probably would require them getting a deeper understanding
> on how you’re migrating the products.
>
> First thing I would ask is if you have configured the product in Mifos to
> support those grace periods? If so, can you generate a few and look at the
> DB structure, wouldn’t that help you in migrating it properly?
>
> Thanks,
> Ryan
>
>
>
> On 10/5/09 20:29, "[email protected]" <
> [email protected]> wrote:
>
> Hi,
>
> Based on my discussion with Dusmant today this is my understanding of the
> issue -
>
> The ABGIL loans in FIMO can have maximum 28 installments and minimum 25
> installments and up to 3 grace installments. It is a monthly loan. The
> number of installments depends on the month in which the loan was disbursed.
> If the loan was disbursed in the first month of the center creation, then it
> has 28 installments (3 grace installments). If the loan was disbursed in the
> second month, then it has 27 installments (2 grace installments). If the
> loan was disbursed in the third month, then it has 26 installments (1 grace
> installments). If the loan was disbursed in the fourth month, then it has 25
> installments (no grace installments). Beyond the fourth month ABGIL loans
> are not given. At any point of time, all ABGIL loans should have the same
> demand irrespective of their disbursement date. This also means that the
> maturity date for all loans should be the same irrespective of the number of
> installments.
>
>
> FIMO database has 28 installments for all ABGIL loans and does not follow
> the above rule. Hence, the migrated database also doesn’t follow this rule.
> Now the changes we will have to make to correct such loans are –
>
>
> 1. Identify all ABGIL loans which are supposed to have less than 28
> installments. (I haven’t yet figured out how to identify these loans.)
> 2. Deleting one/two/three grace schedules depending on the number of
> installments the loan should have. We will be deleting the first/first
> two/first three installments. Hence, there is no need to change the dates
> of
> the action date. But the installment numbers will have to change.
> 3. The principal and interest need not be recalculated again if some
> grace installments are deleted since the principal and interest of the 25
> compulsory installments remains the same.
> 4. The amount paid (transactions) will have to be adjusted in the
> remaining installments.
>
>
> There is also the issue of ABGIL loans showing demand when there isn’t any
> because these loans have been changed from monthly to 4 weekly after
> migration to match with the meeting schedule.
>
> Dusmant suggested that we go ahead with the migration and he will get the
> correct demand and schedule of all ABGIL loans as of 1st November, 2009 and
> then we can fix all the schedules accordingly because the data in FIMO is
> also not correct currently.
>
> Action items for Dusmant –
>
> 1. Help in identifying a consistent way to identify the ABGIL loans
> that should have < 28 installments. We discussed that transaction table in
> FIMO can probably be used to identify this but we are not sure if this will
> work out to be fine for all ABGIL loans. Dusmant can you please confirm
> that
> the installments in the transaction table are according to the rule you
> described for all such loans? Can you send me the snapshot of the
> transactions of each one of these cases - 25/26/27 installments?
> 2. Once the demand and schedule for all ABGIL loans as of 1st November,
> 2009 is identified what are our next steps – is there a manual way to
> correct the installments in Mifos or should we be writing a mysql procedure
> to do this?
>
>
> Ryan>> Please refer to the attached snapshots. Is there any way in Mifos we
> can reschedule/redo these loans which can fix this issue?
>
> Regards,
> Prachi
>
>
>
>
>
>
>
> --
> *Ryan Whitney **
> **Mifos Technical Program Manager
> **[email protected]*
> Mifos - Technology that Empowers Microfinance (www.mifos.org)
>
--
Thanks & Regards
------------------------------------------------------
Dusmant Kumar Sahu
Programmer Executive MIS
Adhikar Microfinance Pvt. Ltd.
Corporate Office
Bhubaneshwar, Orissa.
Cell: 9338430676
e-Mail: [email protected]
Web: www.adhikarindia.org
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