We are introducing a new interest type in mifos which would calculate
interest based on daily interest rate and will be applied during repayments.
The advantage to the customer would be that in case of early payment, the
excess payment will be adjusted towards the outstanding principle and the
interest will be calculated till date. In case of late payment, a overdue
interest is charged at the same interest rate on number of days due.
Now, if a holiday is introduced on an installment date while such a loan is
active, currently the system will recalculate the interest for the period
the holiday was introduced for since the holiday moves the installment date
UNLESS the holiday repayment rule was set as Same Day.
If you have any other thoughts in this regard, please share it with us.
--
Regards,
Tejus Datta
+91 - 998 000 2879
[email protected]
P please consider the environment before printing this e-mail.
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