Hi, thanx for the reply. The Interest rate is 10% per month (120% per annum), Loan Product is setup for Monthly Repaymnt is Monthly.
My feeling is that mifos's Declining Balance- Interest Recalculation is calculating, Interest PER DAY and not PER MONTH hence the variance in figures from that of Flat interest rate type. Could there be a work around or any pointers on setting i could be doing wrong Below r the Loans Setting, Sorry for the messy attachment. Tx in advance ************************************************************************************************************************************ MPL LOAN PRODUCT Edit Loan product information. Active Loan product details. Product instance name: Member Of Parliament Short name: MPL Description Loan for Members of Parliament Product category: Other Start date: 01/01/2005 End date: Applicable for: Clients Include in Loan cycle counter: No Can waive interest on repay loan: Yes Calculate Loan Amount as: Same for all loans Min loan amount Max loan amount Default amount 0.0 100000000.0 0.0 Associated Question Groups : Interest rate Interest rate type: Declining Balance-Interest Recalculation Max Interest rate: 999.0 % Min Interest rate: 0.0 % Default Interest rate: 120.0 % Repayment schedule Can configure variable installments: No Compare with Cash Flow: No Frequency of installments: 1 month(s) Calculate # of Installments as: Same for all Loans Min # of installments Max # of installments Default # of installments 1 100 1 Grace period type: None Grace period duration: 0 installments Fees ************************************************************************************************************************************ On Feb 24, 12:27 pm, Intrasoft Technologies <[email protected]> wrote: > Hello Thomas; > > Is the interest rate 10% or 120%, you have indicated 120 in your email but > just when you calculate the percentage simply to get repayment of > 2,200,000/= from a loan of 2,000,000 the rate is 10. Declining balance will > be different from Flat if there are more than one installment which is not > your case here. > > I have a feeling the mismatch comes with the product setup, what is the > frequency of installment set in the product? > > Is it possible you share snapshot of product information? > > Regards; > > -- > ****** > *INTRASOFT TECHNOLOGIES | B8, KIGLESS HSE MOI AVENUE > **P.O. BOX 82298 - 80100 Mombasa Kenya. > Tel:+254 20 267 0011/ Cell:+254 734 138478 > Email: **[email protected]* <[email protected]> > > ------------------------------------------------------------------------------ > Virtualization & Cloud Management Using Capacity Planning > Cloud computing makes use of virtualization - but cloud computing > also focuses on allowing computing to be delivered as a > service.http://www.accelacomm.com/jaw/sfnl/114/51521223/ > > _______________________________________________ > Mifos-users mailing list > [email protected]https://lists.sourceforge.net/lists/listinfo/mifos-users ------------------------------------------------------------------------------ Virtualization & Cloud Management Using Capacity Planning Cloud computing makes use of virtualization - but cloud computing also focuses on allowing computing to be delivered as a service. http://www.accelacomm.com/jaw/sfnl/114/51521223/ _______________________________________________ Mifos-users mailing list [email protected] https://lists.sourceforge.net/lists/listinfo/mifos-users
