10 August 2012
Hi Lukasz,
Yes, the rebates and recalculation practiced in our coop is different. But it
is easy to apply using manual means. I would try to suggest applying the
Declining Balance-Interest Recalculation to make things simpler.
Thanks for the help.
Regards,
Dale A. Fuertes-Pham
Email: [email protected]
________________________________
From: Łukasz Babski <[email protected]>
To: Dale Fuertes <[email protected]>; 'A good place to start for users or
folks new to Mifos.' <[email protected]>
Sent: Thursday, August 9, 2012 8:18 PM
Subject: Re: [Mifos-users] Rebates and Recalculation of Outstanding Loan Amount
Hi Dale,
unfortunately Rebates are not supported by Mifos. For late payment
You can use penalties or
Declining Balance - Interest Recalculation, but it won't cover
Your case.
Best solution will be reporting tickets on page:
https://mifosforge.jira.com/secure/Dashboard.jspa
In tickets You will have to describe precisely Your issues and
write what do You expect.
Let me know if You have more questions.
Regards
Lukasz Babski
On 08.08.2012 16:47, Dale Fuertes wrote:
8 August 2012
>
>
>
>
>Hi Lukasz,
>
>
To clarify my question:
>
>
>A. Rebates
>The loan type is of Flat Interest. Please see example below:
>
>
>
>Eg.
>Interest type = Flat
>Interest rate = 5% per month
>
>Installments = 3 months
>Total Loan Amount (principal + interest) = 3000
>
>Installment amount = 1000
>
>
>Payments made:
>
>1st Installment = 1000
>2nd Installment = 2000 (1 installment earlier, qualify for 1 installment
>rebate)
> Rebate rule = Half of interest rate applied to last payment made
> Rebate = 0.5 x (Interest rate per installment) x (No. of installments
>remaining) x (Last payment made)
> Rebate = = 0.5 x (5%) x (1) x 2000 = 50 (Returned to client)
>
> --> If 2 installments remaining when last payment was made:
> Rebate = = 0.5 x (5%) x (2) x 2000 = 100 (Returned to client)
>
>
>B. Recalculation
>Scenario: Last installment amount not paid in full
>
>Options available for client:
>1) Pay overdue amount and applicable penalties
>2) Recalculation of existing loan
>--> Outstanding balance applied with same flat interest rate and loan term (as
>existing loan)
>--> Penalty (applied periodically every repayment)
>--> 'New' or updated loan schedule is generated
>--> This is not considered as new loan, but the same loan continued.
>
>
I am applying mifos 2.4.1 first time, just got stuck with loan records which
apply these. Thanks in advance for any help.
>
>
>
>
>Regards,
>
>Dale A. Fuertes-Pham
>Email: [email protected];
>
>
>
>
>
>
>________________________________
> From: Łukasz Babski <[email protected]>
>To: Dale Fuertes <[email protected]>; A good place to start for users or
>folks new to Mifos. <[email protected]>
>Sent: Wednesday, August 8, 2012 7:57 PM
>Subject: Re: [Mifos-users] Rebates and Recalculation of Outstanding Loan Amount
>
>
>Hi Dale,
>
>Declining Balance - Interest Calculation rate type
supports early and late payments.
>Do You mean this case?
>
>Regards
>Lukasz Babski
>
>On 08.08.2012 10:09, Dale Fuertes wrote:
>
>8 August 2012
>>
>>
>>
>>
>>Hi,
>>
>>
>>Hoping anyone can guide me on how to work on the following on mifos 2.4.1:
>>
>>
>>1) Apply Rebates for early payments made on outstanding loan amount (at least
>>last installment remaining)
>>2) Recalculation of outstanding loan amount
>>
>>
>>Thanks.
>>
>>
>>Regards,
>>
>>Dale A. Fuertes-Pham
>>
>>
>>Email: [email protected]
>>
>>
>>
>>
>>
>>
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