Thanks for the clarification Chetan. This is an excellent question.
Ramesh, This type of functionality is often called a ³moratorium², not loan
³freezing² (although I can now understand why you might use that word).
There are a few options, based on how many clients are being given the
moratorium.
As of Mifos 1.6, you can create ³moratorium² holidays. That means you can
create a moratorium for the entire org down to an entire branch. This will
effectively push out the repayment schedule, charging no interest, until
after the holiday has ended.
If you are looking to do this at any level below a branch, you will
effectively have to reschedule every single loan. Process is as follows.
Given a client, you would
* Close the account and mark it as rescheduled. Note the remaining interest
and principal to be paid
* Create a new loan to cover the remainder of the principal to be paid.
Now, since this will be over a different period, this could require some
playing with the interest rate to get the right amount to be paid back (see
previous mails about adjusting the interest rate for flat rate loans).
Additionally, if you are planning on using the same loan product, you will
probably have to change the options (changing the allowed number of
repayments, amount and interest rate). The other option would be to create
another loan product and give it the same name, but add ³rescheduled² on the
end, so you know that its the continuation of a previous product.
Unfortunately, for any set of clients below a branch its a bit ugly and a
bit of a pain, but it should work.
Ryan
On 9/29/10 13:32, "[email protected]"
<[email protected]> wrote:
> Ryan,
>
> That is correct. The requirement is to stop payments for a period of time ( 5
> weeks) for a currently active loan and then extend the loan schedule by 5
> weeks. Essentially the schedule needs to be recalculated if the user says I
> want a moratorium for 5 weeks .
> My sense is that this requirement may occur due to seasonal occupations the
> borrowers might be involved in.
>
>
> Thanks,
> Chetan
>
>
>
> From: Ryan Whitney [mailto:[email protected]]
> Sent: Wednesday, September 29, 2010 10:16 AM
> To: [email protected]
> Subject: Re: [Mifos-users] Loan Freezing in mifos 1.6
>
> Ramesh,
>
> This is still a bit hard to understand, but based on your attachment are you
> trying to create a moratorium?
>
> IE, client is unable to repay so you stop the loan from taking collections and
> interest payments until the client can start paying again?
>
> Ryan
>
>
> On 9/29/10 12:43, "Ramesh Nayak" <[email protected]>
> wrote:
>
>
> On Fri, Sep 17, 2010 at 5:36 PM, Ramesh Nayak
> <[email protected]> wrote:
> HI All,
>
> I am using mifos 1.6 is there any way to Freez the Loan please can
> anyone help me.
> PFA of LoanFreezing Concept in xl sheet
>
> Examples contains in xls Document.
>
>
> Table Particulars
>
> 1. Borrower Current Status.
>
> 2. Schedule Before Freezing Loans (means Default Sch):
> Explained step by step
>
> 3. After Freezing Loan Sch : Explained Each step.
--
Ryan Whitney
Mifos Technical Program Manager
[email protected]
Mifos® - Technology that Empowers Microfinance (www.mifos.org)
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