Hi All,
In Mifos 2.1.3 while defining the loan product there is an option in
"Interest rate type: Declining Balance-Interest Recalculation", i had used
that option .
The principle amount is 10220, Interest is 26%, No:of installments is 13,
frequency of installments is 4 weeks i.e., 28 days. with this data i got the
installment amount exactly as Rs.900.
I had disbursed the loan on 28-June-2011.
The first installment is on 26-July-2011 where customer has to pay Rs.900
but did not pay. If the customer is paying on 31st july, then As on 31st
July 2011 Mifos has to calculate the interest for the remaining 5 days.
Instead Mifos had calculated the interest and the interest amount is
reflected in the second installment and the amount for second installment is
902.5 in Mifos.
I just wanted to know how does it calculate exactly and on what
formula? According to accounts department it should be Rs.5, but in Mifos it
is Rs 2.50, please guide regarding this.
According to our accounts department, interest should be calculated as:
Principle outstanding*Interest rate*No:of days/(365*1000).
Please give assistance regarding this query.
--
Thanks and Regards,
Ramesh.A.Nayak| Software Trainee @ ConfluxTechnologies | Address :#412, 20th
Main,Chord Road 1st Block Rajajinagar Bengaluru,Karnataka-560010 | Email :
[email protected] | website:
WWW.Confluxtechnologies.com <http://www.confluxtechnologies.com/> |
Contact Number - Mob : +919739317276.
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