Hi,
One of predominant scenario on loan disbursement to the members or groups
are done well before the meeting date. -- But where as Loan disbursement
date should be same as meeting date in mifos. We have across a feature
Beginning
with version 1.1 of Mifos, repayment schedules and loan disbursals no
longer need to coincide with meeting schedules. This feature is called
LSIM (Loan Schedule Independent of Meeting) and an MFI can specify this
during system setup.
But with a condition that Meeting schedules are set up for a center, if
one exists, or for a group. Clients not belonging to a group can have
individual meeting schedules.
Our observation from the LSIM feature : It allows to disburse loan
irrespective of meeting date but the loan scheduling starts from the
meeting date 1st installment it should be only interest (i.e., loan
disbursement date to meeting date) and principal and interest should start
from 2nd installment currently this is not supported behaviour in lsim
feature
*
*
*Posting this to get if some test cases or real time usage by others would
have been done .*
Group Meeting Date: 12th of every month..... During the meeting request is
taken from members for loans
Cluster Meeting: Board Members will review the requests and approve the loan
Disbursement date: 27th of every month ---- During this day disbursement
towards the approved loans will be done
Collection Date: 12th of every month
Loan Disbursement Date 27th of every month in the below case 27-02-2011
No. of Installment 10
In this scenario the first installment due date will be 12-03-2011 ---
Only interest component is collected here, this will be first installment
>From 2nd Installment onwards Principal and Interest will be collected.
Repayment schedule would looks like.
*Inst.No* *Due Date* *Principal* *Interest* *Fees* *Total* 1
12-Mar-11 0 100 0 100 2 12-Apr-11 1000 200 0 1200 3 12-May-11 1000 180 0
1180 4 12-Jun-11 1000 160 0 1160 5 12-Jul-11 1000 140 0 1140 6 12-Aug-11
1000 120 0 1120 7 12-Sep-11 1000 100 0 1100 8 12-Oct-11 1000 80 0 1080 9
12-Nov-11 1000 60 0 1060 10 12-Dec-11 1000 40 0 1040 11 12-Jan-12 1000 20
0 1020
Installments for the loan will be defined as 10 but effectively it will be
11 installment including 1st month Interest component.
This is a general practice across India , Mainly due to the following
reasons
1. As per best practices / the individual organisation guidelines
2. Some of the basics like verify the members eligibility criteria like
last repayment and Saving and capacity to replay, availability of funds
3. Proven approach for the regular repayments
Is it possible ? or do we need changes in mifos as described above, are
these changes to core level or minor changes.
--
*Regard,*
*HT Team*
*www.hugotechnologies.com*
Phone : +91 40-65141823 | Skype: hugo.technologies
--
*Regard,*
*HT Team*
*www.hugotechnologies.com*
Phone : +91 40-65141823 | Skype: hugo.technologies
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