Pradeep,
My apologies. I didn¹t read your message carefully enough and didn¹t notice
that you want to move them from weekly to monthly. This is going to be a
lot more difficult as you can¹t change the frequency of meetings for
clients. The best you might be able to do is set the repayment to be every
4 weeks, which wouldn¹t quite be correct.
Only option I can see here is to close the loans (as rescheduled, for
accounting purposes), close the client accounts and create new ones with the
new repayment schedule and then create new loans for them for the remainder
of the loan amounts. Painful, but at the moment, the only way I can see to
complete this.
Ryan
On 12/6/10 12:22 PM, "Ryan Whitney" <rwhit...@grameenfoundation.org> wrote:
> Pradeep,
>
> I didn¹t see an answer to this question and just catching up on the mailing
> list, hopefully this is not too late.
>
> The procedure for doing what you describe is as follows
> 1. Close the account and mark as ³Closed-Rescheduled²
> 2. Open up a new loan for the client that covers the remainder of the loan
> amount.
>
> You would recommend testing this out a bit to make sure you can get the
> settings for the new loan correct. It might require you setting higher ranges
> (of min and max) in order to get the appropriate interest rate and other items
> that you need.
>
> Ryan
>
>
> On 11/3/10 9:16 PM, "Pradeep Ku. Panda" <pradeep....@adhikarindia.org> wrote:
>
>>
>>
>> Hi All,
>>
>> Can anyone help in the following matter?
>>
>>
>>
>> We required rescheduling a loan product in the mid of the repayment schedule,
>> as the state government passed an ordinance to redesign the product schedule.
>> So that which loan are already disbursed, though some portion of the loan
>> amount already collected but outstanding loan has to be rescheduled as per
>> the declared ordinance by the state govt.
>>
>>
>>
>>
>> The following is the detailed structure of the loan product.
>>
>>
>> For example:
>> The first created loan product have the following criteria.
>>
>>
>>
>> Loan product details.
>> Product instance name: JLG - 4
>> Short name: JLG4
>> Product category: IGL
>> Start date: 30/06/2010
>> End date:
>> Applicable for: Clients
>> Include in Loan cycle counter: Yes
>> Calculate Loan Amount as: Same for all loans
>> Min loan amount Max loan amount Default amount
>> 10000.0 20000.0 10000.0
>>
>>
>> Interest rate
>> Interest rate type: Flat
>> Max Interest rate: 10.00 %
>> Min Interest rate: 10.00 %
>> Default Interest rate: 10.00 %
>>
>>
>> Repayment schedule
>> Frequency of installments: 1 week(s)
>> Calculate # of Installments as: Same for all Loans
>> Min # of installments Max # of installments Default # of installments
>> 50 50 50
>>
>> Grace period type: None
>> Grace period duration: 0 installments
>>
>>
>>
>>
>>
>> Fees
>> Loan Processing Fee-2
>> CTT
>>
>>
>> Accounting
>> Sources of funds:
>> BANK OF INDIA
>> SBI
>>
>> Product GL code:
>> Interest: 31101
>> Principal: 13101
>>
>>
>>
>> The new product should be designed in such a way that
>>
>>
>> The loan amount should be equal to the existing outstanding of the client.
>>
>>
>> Interest rate type = declining
>>
>>
>> Max Interest rate type = 20% on the outstanding
>>
>>
>> Frequency of installments = monthly
>>
>>
>> And the most difficult part of the loan designing is that to reschedule the
>> loans in such a way that the repayment period should be equal to the existing
>> period, means we should only increase the
>>
>>
>>
>> scheduled amount which is paid by the clients in a monthly basic and the
>> interest type to 20% declining.
>>
>>
>>
>>
>>
--
Ryan Whitney
Mifos Technical Program Manager
rwhit...@grameenfoundation.org
Mifos® - Technology that Empowers Microfinance (www.mifos.org)
Our mission is to enable the poor, especially the poorest, to create a world
without poverty.
<http://grameenfoundation.org/take-action/ingenuity-fund-challenge/>
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