Hi Bharath, Thank you for the explanation. I'll do it as your recomendation, using interest rate as 13.92% and spliting on reports.
Best regards. El mié., 1 abr 2020 2:14 a. m., Bharath Gowda <bgo...@mifos.org> escribió: > Hi Luis, > > First, thank you for a detailed explanation of your problem, it was > very helpful in understanding your requirement. > > There are two problems with the approach you are taking > > First problem, the EMI amount is always Principal + Interest, for which > the system will add the charges and penalties to calculate the total > installment due amount > P+I = *EMI*, EMI+C = Due > Explaining with your example loan: > Installment number DueDate Principal Balance Interest EMI Charge Penalties > Due > 1 31-Mar-20 379.95 9,620.05 100 (P+I)479.95 16 0 495.95 > 2 30-Apr-20 383.75 9,236.30 96.2 479.95 15.39 0 495.34 > 3 30-Jun-20 387.59 8,848.71 92.36 479.95 14.78 0 494.73 > 4 30-Jun-20 391.46 8,457.25 88.49 479.95 14.16 0 494.11 > 5 31-Jul-20 395.38 8,061.87 84.57 479.95 13.53 0 493.48 > 6 31-Aug-20 399.33 7,662.54 80.62 479.95 12.9 0 492.85 > 7 30-Sep-20 403.32 7,259.22 76.63 479.95 12.26 0 492.21 > > The installment amount of 479.95 which was defined while creating the > loan will only be split between principal and interest, but since you have > added the charge of 16% on Interest, your total due will always vary. > > Hence you cannot achieve equal installments with adding charge to the > system > > Second problem, > The EMI (PMT formula) as you know is always calculated on interest amount > so when you calculate the PMT for 13.92% your EMI will be ₹ 479.75 > But when you calculate PMT for 12% your EMI we be around ₹ 470.73 > > But when you manually define the EMI amount as 479.75 for 12% interest > rate, the total interest amount of the loan will come down as the user will > be paying more Principal from 1st installment itself Principal = EMI - > interest ( ₹9 more in first installment in this example) > Hence, you will end up collecting less interest and less vat with this > approach. > > refer following loans for example > Loan id interest rate (% per annum) vat(% per annum) manual EMI amount > mentioned total interest amount interest amount vat > *3654* *12* *16* *479.75* *1270.83* *203.32* > 3656 12 16 System calculated EMI(471) 1296.86 207.49 > > Possible solution to achieve Equal installment and proper interest and vat > collection is to create the loan with the interest rate as 13.92% > only(I +VAT), in this approach only problem will be, you will not get to > see the split between interest and VAT on the screen, however, we could > create the custom reports with splits for required reports. > > Please let me know if you need any clarification on the explanation > > > > > Regards, > Bharath > Lead Implementation Analyst | Mifos Initiative > Skype: live:cbharath4| Mobile: +91.7019636073 > http://mifos.org <http://facebook.com/mifos> > <http://www.twitter.com/mifos> > > > On Wed, Apr 1, 2020 at 9:51 AM Luis Alberto Alegría de los Santos > <luis.aleg...@innovar.app> wrote: > >> Hi Alberto, thank you for reply. >> >> I create a tax ( IVA VAT 16% >> <https://demo.mifos.io/#/viewtaxcomponent/96> ) and a group tax ( IVA >> VAT GROUP 16% <https://demo.mifos.io/#/viewtaxgroup/56>). >> >> But when try to set group tax to a loan product ( >> https://demo.mifos.io/#/viewloanproduct/1352), i don't see an option to >> do that. >> On savings products there is a option to assign tax group (i saw that in >> this link >> <https://mifosforge.jira.com/wiki/spaces/docs/pages/129957925/Manage+Tax+configuration> >> ) >> >> Could you please explain me how do it?, thank you a lot. >> >> Best regards >> >> >> El mar., 31 mar. 2020 a las 19:28, Jose Alberto Hernandez Maldonado (< >> jose.hernan...@fintecheando.mx>) escribió: >> >>> Hello! >>> >>> Have you tried the Tax Group assigned in the charge? Usually the taxes >>> are not applied as Charge in Mifos. >>> >>> Admin --> Products --> Taxes components management >>> >>> Thanks and best regards >>> Alberto >>> >>> El 31 de marzo de 2020 a las 07:14 PM Luis Alberto Alegría de los Santos >>> <luis.aleg...@innovar.app> escribió: >>> >>> Hi all >>> >>> Please, someone can help me. >>> >>> We require payments including VAT with equal installments, because this >>> is easier for clients. >>> >>> Example: >>> >>> - Amount: 10,000 >>> - Interest Rate: 12% >>> - Term: 24 months monthly payments >>> - VAT: 16% of interest >>> >>> >>> Normally what we do is increase the VAT percentage to the interest rate, >>> that is, 12% * 1.16 = 13.92%. >>> For later when calculating the EMI amount, break down the VAT of the >>> interest, this on repayment schedule. >>> >>> In this escenario, we calculated EMI amount: Excel Formula : = pmt >>> (13.92% / 12, 24, -10000) = $ 479.75 >>> >>> Taking period 1 as a reference within the normal payment schedule would >>> be as follows: >>> * Interest: $ 116.00 - calculation: (10000 * 13.92% / 12) >>> * Principal: $ 363.75 - Calculation: EMI Amount - Interest ( 479.75 >>> -116) >>> * EMI amount: $ 479.75 >>> >>> What we do in the final payment schedule is break down VAT dividing the >>> interest by 1.16. In period 1, divide = 116/1.16 = 100 for interest and 16 >>> for VAT >>> And it is as follows: >>> Repayment schedule for period 1: >>> # Principal Interest VAT Installment amount >>> 1 $ 363.75 $ 100.00 $ 16.00 $479.75 >>> 2 $367.97 $ 96.36 $ 15.42 $479.75 >>> >>> In this scenario, there are equal installments amounts. >>> >>> I created a loan here https://demo.mifos.io/#/viewloanaccount/3648, >>> and added a 16% interest charge( https://demo.mifos.io/#/viewcharge/552), >>> however the repayments are different in each period. >>> [image: image.png] >>> Is there some option to achieve this? >>> >>> Thank you a lot! >>> -- >>> LSC. Luis Alegría >>> INNOVARAPP >>> >>> >>> *La información contenida en este correo electrónico y anexos es >>> confidencial. Ésta dirigida únicamente para el uso del individuo o entidad >>> a la que fue dirigida y puede contener información propietaria que no es >>> del dominio público. Si has recibido este correo por error o no eres el >>> destinatario, por favor notificar al remitente de inmediato y borra este >>> mensaje de la computadora o dispositivo. Cualquier uso, distribución o >>> reproducción de este correo que no sea por el destinatario de intención >>> queda prohibido.* >>> _______________________________________________ >>> Mifos-users mailing list >>> Mifos-users@lists.sourceforge.net >>> https://lists.sourceforge.net/lists/listinfo/mifos-users >>> >>> >>> >>> >> >> >> -- >> LSC. Luis Alegría >> INNOVARAPP >> 2225548732 >> >> *La información contenida en este correo electrónico y anexos es >> confidencial. Ésta dirigida únicamente para el uso del individuo o entidad >> a la que fue dirigida y puede contener información propietaria que no es >> del dominio público. Si has recibido este correo por error o no eres el >> destinatario, por favor notificar al remitente de inmediato y borra este >> mensaje de la computadora o dispositivo. Cualquier uso, distribución o >> reproducción de este correo que no sea por el destinatario de intención >> queda prohibido.* >> _______________________________________________ >> Mifos-users mailing list >> Mifos-users@lists.sourceforge.net >> https://lists.sourceforge.net/lists/listinfo/mifos-users >> >
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