Hi Nayan,
Just want to confirm my understanding.
There is a need here to migrate a loan schedule that is not possible
through the Mifos front end for loan products right now.
You would like to be able to do this through the backend, and the
question here is would Mifos somehow automatically recalculate the
schedule even after you have set it up this way since the schedule you
input does not match any current Mifos loan product logic.
Is that correct?
Kay
From: Nayan Ambali [mailto:[email protected]]
Sent: Friday, September 24, 2010 9:00 AM
To: A good place to start for users or folks new to Mifos.
Subject: Re: [Mifos-users] FW: [Mifos-developer] Managing installment
amounts when migrating fromExcel to MIFOS
Hey Binny,
Let me put this question again and my suggestions also..
For example MFI has product with 5 installments
Principal is 100. repayment schedule is
20 + 5
20 + 5
20 + 5
20 + 5
20 + 0
So MFI collects 20 as total interest at the rate of 20% for given
duration
Now MFI decide go with Mifos, but mifos generates schedule like below
20 + 4
20 + 4
20 + 4
20 + 4
20 + 4
So transition with operational aspect will not happen smoothly. So MFI
do not agree for this approach.
MFI says I want my original schedule for active loan but for new loans
we can go with Mifos generated schedule.
So I have two suggestions
1. Define product with 20% and 5 installments but forcefully .populate
repayment schedule as
20 + 5
20 + 5
20 + 5
20 + 5
20 + 0
Risk is if Mifos triggers recalculation of repayment. Not sure Mifos
can do this
[ If recalculation triggers schedule looks like
20 + 4
20 + 4
20 + 4
20 + 4
20 + 4 ]
2. Define product with 25% and 5 installments and now also forcefully
.populate repayment schedule as
20 + 5
20 + 5
20 + 5
20 + 5
20 + 0
Even if Mifos triggers recalculation only last schedule is effected. But
product definition is wrong.
[ If recalculation triggers schedule looks like
20 + 5
20 + 5
20 + 5
20 + 5
20 + 5 ]
If any one has suggestion, please help
Thanks
Nayan GA
On Fri, Sep 24, 2010 at 8:31 PM, Kay Chau <[email protected]>
wrote:
That's right.
From: Binny Gopinath [mailto:[email protected]]
Sent: Thursday, September 23, 2010 11:54 PM
To: A good place to start for users or folks new to Mifos.
Subject: Re: [Mifos-users] FW: [Mifos-developer] Managing installment
amounts when migrating fromExcel to MIFOS
Hi Emily,
Adding a holiday would change the schedule, but the amounts themselves
would not get modified, right?
i.e. the amount due on the holiday would just be added to the next
installment (if it is set to be collected in the next meeting).
I want to pre-populate the amounts (with fixed amounts and not
auto-calculated amounts).
Thanks
Binny
On Fri, Sep 24, 2010 at 3:29 AM, Emily Tucker
<[email protected]> wrote:
Hi Binny,
Moving this to mifos-users, since I think this is the more appropriate
list for your question.
Others on the list can keep me honest, but no-I do not know of any
scenario where Mifos would change past installment amounts or the
previous installment schedule. Obviously if you add a holiday, that
will change the future repayment schedule-but nothing should impact the
previous payments made.
Cheers,
Emily
From: Binny Gopinath Sreevas [mailto:[email protected]]
Sent: Thursday, September 23, 2010 5:13 AM
To: 'Mifos software development'
Subject: [Mifos-developer] Managing installment amounts when migrating
fromExcel to MIFOS
All,
For an implementation, we are migrating from an Excel-based MIS to
MIFOS:
For example: installment amount in Mifos would be 592.17 for:
Loan amount: 15,300
Interest: 14% Flat
Number of Installments: 30 (once in 14 days)
However, this is an active loan and MFI has been collecting 595 (rounded
off) for each installment.
This rounding off will be different for each loan amount and hence
cannot be accommodated using our rounding rules.
We are thinking of using migration scripts to create the active loans
and their corresponding scheduled installment amounts in Mifos.
In the above example, this will be 29 installments of 595 and 30th
installment of 510.
Can this approach fail at any future point?
(as in, can any event in Mifos trigger re-computing of installment
amounts?)
If we were to allow Mifos to re-compute installment amounts, future
installments will be different from 595.
And, if we were to ask loan officers to continue collecting 595, then
the branch cash confirmation report will always be off.
If we ask the loan officers to collect the new amount as per Mifos, it
would need a lot of training to be given to both loan officers and group
members.
This would be painful for the MFI.
Note: Only the currently active loans will face this issue.
All new loans will be collected as per schedule that Mifos generates.
--
Thanks and Regards
Binny Gopinath Sreevas
+91-98861 39498
Skype: binny.gopinath
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9901154134
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