Hi Harish,
If I understand you right – if a customer repays any additional amount, then it
goes to his outstanding principal and his future interest reduces accordingly.
This needs the future repayment schedule to be recomputed (i.e. interest
recalculation to be applied) in Mifos X. The feature is not yet implemented in
Mifos X. This is planned in the next couple of months.
A workaround you could try:
(warning: This is not a very easy or graceful work around)
a) Try setting “Repayment Strategy” as “Early Repayment Strategy”.
b) Manual compute the interest benefit the customer is supposed to get.
Manually “waive interest” of this amount. This needs to be done each month.
Thanks
Binny
From: Harish [mailto:[email protected]]
Sent: 26 June 2014 13:01
To: [email protected]
Subject: [Mifos-developer] Help with customization of Mifos
Hi All,
This mail is in regards to help which I need to make modification to
Repayment module of Mifos.
I am not sure if I am mailing it at the right place. But I hope that I am
The details of the help required is as below :
There is a situation in which suppose a client has to make a repayment of 1000
bucks today as per his/her schedule and he does a payment of 3000 bucks. Then
in this case what Mifos does is that it deducts the extra 2000 bucks from his
next repayment amount which in the example is more than what he would be
scheduled to pay in the next schedule( 1000 is the fixed amount) . So when I
get a print of the repayment schedule for that client it would show the amount
to be zero.
My requirement is : The system should deduct this extra amount of 2000 bucks
from his Due Principle and NOT amount payable in the next two schedules. This
way the client would have to pay less interest and would end up paying a lower
final Amount and his loan would get re-payed quick.
This situation has got tricky as in India and specially with Micro Finance, if
we break the loan schedule where after making a big payment the client does not
have to pay any amount as the next installment, this breaks the rhythm and
there is all possibility that he would end up being a defaulter( a non payer of
the loan). So the way we have been achieving this has been by giving them a
passbook kind of a thing, where their repayment amount is printed along with
the due date. So, if they make a higher payment the extra money is put in their
passbook in a seperate column and we total up any extra paid at the end and
deduct the same from their Due principle.
I would be highly obliged if anyone could let me know in detail as to how can I
achieve this,
Hope to hear from the community soon.
--
Thanks & Regards-
Harish Guglani.
Project Co-ordinator
Medma Infomatix (P) Ltd.
Ph: 9335-091-615/26
Email - [email protected]
URL - www.medma.net
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