Hi Binny, answers inline..., and cc'ing the mifos-user list
Kay
From: Binny Gopinath [mailto:[email protected]]
Sent: Wednesday, December 01, 2010 9:57 PM
To: mifos-support
Subject: Pre-payments - Applying revised interest based on outstanding
principal
Hi All,
My client accepts early-payments/over-payments and late-payments on
installments.
They follow a reducing balance scheme for interest.
In case of late-payments, they want to charge a penalty to the member.
They can do this by calculating the penalty and applying a charge for
this amount to the loan account.
In case of early-payments or over-payments, they want to give the member
an incentive by not charging interest for the principal amount either
over-paid or paid early.
Is there a way to do this? If the calculation of the incentive is done
using an excel sheet and then is there a way to "write-off" a portion of
the loan based on this calculation, this just might meet the need.
[Kay Chau] Not that I know of right now ... but Elsie F will interest
recalculation for declining balance, maybe that would model this more
closely...
Similar issue exists if the member wants to repay the loan early. They
do not want to charge any interest when member does this.
Is there a way to handle this in Mifos?
[Kay Chau] We will have an option in release E coming up where you can
choose to waive interest or not when completely repaying a loan.
Let me know if anyone has any suggestions.
--
Thanks and Regards
Binny Gopinath Sreevas
+91-98861 39498
Skype: binny.gopinath
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