Hi, Sorry yes I missed out on the fact you were disbursing on 27th of month so client has loan principal in hand only two weeks when first installment arises.
As Binny said there is a 'Declining Balace - Interest Recalculation' method that works using 'daily frequency' for interest calculation. It doesnt support months. So there would need to be some small development to support the interest calculated for first installment. To allow for disbursing on day different to 'meeting date between client and loan officer' you need to run mifos in LSIM mode which in the latest version of mifos allows you to choose a 'repayment schedule' for your loan that is not contrained by the 'meeting date frequency' Keith. On Tue, Nov 15, 2011 at 2:20 PM, Binny Gopinath <[email protected]> wrote: > > The correct solution, in my opinion, would be to enable Principal only grace > period for "declining balance - interest recalculation" interest type. This > does a daily-reducing-balance based interest calculation. > > But I suspect that it may not solve your issue fully. > As the interest calculated by this interest type depends on the number of > days in the month and hence may not be exactly 2% of outstanding amount for > all months. > > How did you compute the interest as 83/-? > is it 10,000 * 2% / 365 * 13 ? > This gives a value greater than 83. > Or it 10,000 * 2% / 31 * 13 --> this gives a value close to 83. But why 31? > > A very manual (and un-refined) workaround in Mifos would be to define the > loan product with 11 installments with 1 grace period (principal + > interest). And after disbursement, manually apply a charge that is equal to > the first partial-period interest. The amount of the charge will need to be > externally computed or calculated by a custom report. > > Thanks > Binny > > > > On Tue, Nov 15, 2011 at 7:19 PM, HT Team <[email protected]> wrote: >> >> Keith >> Interest should be calculated only for the period Loan disbursement date >> to subsequent meeting date i.e., 27-02-2011 to 12-03-2011 with interest >> amount as 83/- approximately for 13 days. >> 200/- interest which you mentioned is exactly for 1 month which will be a >> burden on members. >> Thanks >> HT >> >> ------------------------------------------------------------------------------ >> RSA(R) Conference 2012 >> Save $700 by Nov 18 >> Register now >> http://p.sf.net/sfu/rsa-sfdev2dev1 >> _______________________________________________ >> Mifos-users mailing list >> [email protected] >> https://lists.sourceforge.net/lists/listinfo/mifos-users >> > > > > > > ------------------------------------------------------------------------------ > RSA(R) Conference 2012 > Save $700 by Nov 18 > Register now > http://p.sf.net/sfu/rsa-sfdev2dev1 > _______________________________________________ > Mifos-users mailing list > [email protected] > https://lists.sourceforge.net/lists/listinfo/mifos-users > > ------------------------------------------------------------------------------ RSA(R) Conference 2012 Save $700 by Nov 18 Register now http://p.sf.net/sfu/rsa-sfdev2dev1 _______________________________________________ Mifos-users mailing list [email protected] https://lists.sourceforge.net/lists/listinfo/mifos-users
