Hello team, my name is Peter and thank you so much for initiating this discussion, I have a client who wants to automate the application of loan penalties to loans,
Her loan term limit is 30 days, 25 % interest rate and a 25 % penalty of the daily installment(Principal+interest) If the client fails to pay the daily installment, 25% of the daily installment should be added to the client's daily overdue, Can someone guide me on how to go about configuring this penalty in the system? Thank you Kind regards Peter Kiprop Nairobi On Tue, Mar 21, 2023 at 9:39 AM Bharath Gowda <bgo...@mifos.org> wrote: > Hi Wilfred, > > As Alberto mentioned, for overdue charges, you can add them to the loan > products currently which will be inherited into the loan account during the > creation of loan account. > try and let me know > > Regards, > Bharath > Lead Implementation Analyst | Mifos Initiative > Skype: live:cbharath4| Mobile: +91.7019635592 > http://mifos.org <http://facebook.com/mifos> > <http://www.twitter.com/mifos> > > > On Tue, Mar 21, 2023 at 10:20 AM JOSE ALBERTO HERNANDEZ MALDONADO < > jose.hernan...@fintecheando.mx> wrote: > >> Currently the only way to set the Overdue charges is in the Loan Product >> definition, so when you are creating the Loan Account you are able just to >> see the previous set >> >> Thanks and best regards >> Alberto >> >> Sent from my iPhone >> >> On 20 Mar 2023, at 12:09, Kigred Developer <kigred.develo...@gmail.com> >> wrote: >> >> >> Thanks Bharath, >> >> This is what I expected the process to be like but my challenge is that >> at the point of selecting the charge to apply to the loan account, the >> overdue charge options are not available even if they are already created. >> The only options available for selection are the ones whose charge time >> is either "Specified due date", "Disbursement" or "Installment" not >> "Overdue fees". >> >> I am using fineract 1.8.2 >> >> Where do you think the issue could be ? >> >> On Mon, 20 Mar 2023, 16:22 Bharath Gowda, <bgo...@mifos.org> wrote: >> >>> Hi Wilfred, >>> >>> Let me know if the below document helps you. >>> >>> >>> https://docs.mifos.org/mifosx/user-manual/for-operational-users-mifos-x-web-app/accounts-and-transactions/loan-accounts/how-to-add-a-charge-to-a-loan-account#to-add-charges-to-a-loan-account >>> >>> In general, we will need to attach the created charge product to the >>> loan account and the system will take care of applying the penalty for >>> overdue loans. >>> >>> it is done at EOD by the schedular job by name "Apply penalty to >>> overdue loans" >>> it can be found under -admin->system->manage jobs -> "Apply penalty to >>> overdue loans". you can also invoke it manually at any time. >>> >>> refer below document to know more about jobs >>> >>> https://mifosforge.jira.com/wiki/spaces/docs/pages/67895356/Manage+Scheduler+Jobs >>> >>> >>> >>> Regards, >>> Bharath >>> Lead Implementation Analyst | Mifos Initiative >>> Skype: live:cbharath4| Mobile: +91.7019635592 >>> http://mifos.org <http://facebook.com/mifos> >>> <http://www.twitter.com/mifos> >>> >>> >>> On Mon, Mar 20, 2023 at 2:59 PM Kigred Developer < >>> kigred.develo...@gmail.com> wrote: >>> >>>> Hello Community, >>>> >>>> So I have created a penalty with charge time as Overdue Fees. How do >>>> apply this charge to a given loan? >>>> >>>> Regards. >>>> Wilfred >>>> _______________________________________________ >>>> Mifos-users mailing list >>>> Mifos-users@lists.sourceforge.net >>>> https://lists.sourceforge.net/lists/listinfo/mifos-users >>>> >>> _______________________________________________ >>> Mifos-users mailing list >>> Mifos-users@lists.sourceforge.net >>> https://lists.sourceforge.net/lists/listinfo/mifos-users >>> >> _______________________________________________ >> Mifos-users mailing list >> Mifos-users@lists.sourceforge.net >> https://lists.sourceforge.net/lists/listinfo/mifos-users >> > _______________________________________________ > Mifos-users mailing list > Mifos-users@lists.sourceforge.net > https://lists.sourceforge.net/lists/listinfo/mifos-users >
_______________________________________________ Mifos-users mailing list Mifos-users@lists.sourceforge.net https://lists.sourceforge.net/lists/listinfo/mifos-users
