Re: [Mifos-users] Client/Group specific Moratorium

Wed, 06 Oct 2010 00:51:52 -0700 

Binny, 

 

Attached is the email from Ryan which was posted a few days back  how to
get this done indirectly. 

 

Another option is to use the grace period option on the loan product
which allows you to give moratorium for the initial installments of the
loan but not sure if you have a way to provide a moratorium in between
loan schedules. 

 

Thanks, 

Chetan 

 

 

 

 

From: Binny Gopinath [mailto:[email protected]] 
Sent: Wednesday, October 06, 2010 12:51 PM
To: A good place to start for users or folks new to Mifos.
Subject: [Mifos-users] Client/Group specific Moratorium

 

Hi All,

 

Is it possible to define a moratorium specific to a loan, client or
group?

 

The holiday feature allows a moratorium to be specified for a MFI, one
or more of it's branches or centers.

But could not find a way to define it for a group or client or loan.

-- 
Thanks and Regards
Binny Gopinath Sreevas
Title: Re: [Mifos-users] Loan Freezing in mifos 1.6

From:                              Ryan Whitney [[email protected]]

Sent:                               Wednesday, September 29, 2010 11:25 AM

To:                                   [email protected]

Subject:                          Re: [Mifos-users] Loan Freezing in mifos 1.6

Attachments:                 ATT141385.txt; ATT141386.txt

 

Thanks for the clarification Chetan.  This is an excellent question.  

Ramesh, This type of functionality is often called a “moratorium”, not loan “freezing” (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 “moratorium” 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 “rescheduled” 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)
Our mission is to enable the poor, especially the poorest, to create a world without poverty.  
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