Hi, I have also found that if you chose to click "Repay loan" rather than "Apply payment" of the remaining balance it will apply the actual interest to date (ie 1 months interest even if the original loan was due to be paid over 4 months), but we are using a flat interest rate so I have not tested it with the declining balance version. Also it means you can't use the bulk collection sheet entry but may be helpful in the interim.
Regards Gayl On 02/12/2010, Kay Chau <[email protected]> wrote: > 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 > > ------------------------------------------------------------------------------ Increase Visibility of Your 3D Game App & Earn a Chance To Win $500! Tap into the largest installed PC base & get more eyes on your game by optimizing for Intel(R) Graphics Technology. Get started today with the Intel(R) Software Partner Program. Five $500 cash prizes are up for grabs. http://p.sf.net/sfu/intelisp-dev2dev _______________________________________________ Mifos-users mailing list [email protected] https://lists.sourceforge.net/lists/listinfo/mifos-users
