And as a separate question, what does configuration of this flexibility
around repayment processing order look like on the back-end? i.e. how would
the MFI or Specialist configure this themself?
Ed
On Friday, August 3, 2012 3:03:05 PM UTC-7, Ed Cable wrote:
>
> Keith,
>
> Thanks for spinning this up so quickly so we can test it out.
>
> I tried creating your scenario on client Declan Browne but the repayment
> was still allocated to overdue principal prior to overdue interest.
>
> Take a look at General Loan #15 and see the repayment schedule. I
> disbursed the loan which has weekly installments on Aug 3, 2011 and then
> made a repayment on August 2, 2012 of 1500.
>
> I would have expected all the payment to go to overdue interest since
> there are 52 installments overdue but payment was applied only to the 3
> first three installments, clearing out the principal and interest overdue
> on the first 2 installments and then clearing out the interest and part of
> the principal on the 3rd installment.
>
> Ed
>
> On Tuesday, July 31, 2012 6:46:27 AM UTC-7, keithw wrote:
>>
>> Ed, All,
>>
>> Ed in a previous thread:
>> https://groups.google.com/forum/?fromgroups#!topic/mifosusers/hCswn7FS9DQ
>> you mentioned how '...Adhikar had this same issue so it's clearly
>> major priority for users in India due to the revised National Banking
>> regulations...'
>>
>> This is directly applicable to the work we are doing in Mifos X around
>> supporting greater flexibiliity in 'Loan Management', specificially
>> around the auto generation of loan schedules and how repayments should
>> be processed.
>>
>> I would be interested in hearing more of what Adhihar and others
>> require in this area. On the 'repayment processing' side I have
>> recently put up simple implementations around this specific to a given
>> MFI. I have also added a based 'repayment strategy' named 'RBI
>> (India)'.
>>
>> To see it in action: (demo app url:
>>
>> https://ec2-46-137-62-163.eu-west-1.compute.amazonaws.com:8443/IndividualLendingGeneralJavaScript/IndivLendHome.html?tenantIdentifier=default)
>>
>>
>>
>> - go into any client on the demo,
>> - submit new loan application (with disbursement date in the past,
>> say a year) making sure to select RBI (India) as the repayment
>> strategy type,
>> - approve it, disburse it and
>> - make a late payment against the loan (e.g. a payment on todays
>> date, so a year late!) using an amount that is well below the full
>> loan amount expected,
>>
>> you will see that all interest overdue and due is paid off first
>> before any principal is paid off which is the bit i gleamed from
>> https://mifosforge.jira.com/browse/MIFOS-5636
>>
>> I am of course happy to walk through and talk about any of this with
>> anyone that wants to.
>>
>> This also leads me onto the next area of work I will be focusing on
>> around loans. To date, some of the smaller organisations trialling
>> 'mifos x' have had no need of fees, charges or penalties functionality
>> as they didnt use them. But its clearly something used by most MFIs
>> inside and outside of the mifos community. So whilst we are aware of
>> some of the needs of bigger MFIs we have spoken to such as GK, Enda &
>> Al Majmoua (and will probably revisit soon again) if anyone else out
>> there such as Adhikar wish to take a look at mifos x and indicate what
>> they need, now is a good time to have that conversation as fees,
>> charges or penalties are directly applicable to loan scheduling and
>> repayment processing functionality.
>>
>> regards,
>> Keith.
>>
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