It would be helpful to know how the remaining repayment schedule is
impacted by the early or late repayment. If I have a repayment for 100
dollars, 50 is for principal and 50 for interest-if I repay early, I'm
assuming more of my payment would be applied towards the principal.
Given that:
(*) Are all of the remaining repayments recalculated and reduced by the
reduced principal amount? (unlikely)
(*) If repaid early, is the amount due for that installment less b/c
there is less interest?
(*) Do the repayment amounts remain the same as originally
calculated-and there are just fewer repayments at the end?
(*) Or is the amount simply applied towards the next installment-so
there are no fees/penalties if the customer misses or underpays the next
installment?
(*) And probably a few other scenarios I haven't thought of....
More specifics and details would be helpful!
Emily.
From: Kay Chau [mailto:[email protected]]
Sent: Friday, December 04, 2009 2:50 PM
To: A good place to start for users or folks new to Mifos.
Subject: [Mifos-users] daily re-calculation of interest
Hi there
We are working with an MFI in the community that has the need of
re-calculation of interest based on what's been paid by the user and I
am wondering if anyone else has encountered this and if there is a
workaround?
Basically, they need to recalculate interest on loans on a daily basis
so that if somebody pays back early it adjust the amount down and if
somebody pays back later it goes up. Basically the interest would be
re-calculated daily so if they make an early payment, this interest
they're paying on should have decreased. They are planning to use
mobile payments and will not have payments coupled to meeting schedules.
The business reason is they want to reward clients who are paying back
early.
Thanks!
Kay
------------------------------------------------------------------------------
Join us December 9, 2009 for the Red Hat Virtual Experience,
a free event focused on virtualization and cloud computing.
Attend in-depth sessions from your desk. Your couch. Anywhere.
http://p.sf.net/sfu/redhat-sfdev2dev
_______________________________________________
Mifos-users mailing list
[email protected]
https://lists.sourceforge.net/lists/listinfo/mifos-users
