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http://mifosforge.jira.com/browse/MIFOS-3384?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=71486#comment-71486
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George Lteif commented on MIFOS-3384:
-------------------------------------
Penalties are being charged at al majmoua, by applying a fixed amount (1 usd)
on each late day.
The amount is charged after the last repayment is done.
The loan officer visits the client and collects the penalty amount after
checking the nbr of late days on the client's schedule
20 late days=20 USD
in my opinion
a good approach would be to have a penalty rule set per product that would
allow the definition of a fixed amount on each late day.
The amount would be due after the loan is closed.(better for it to be applied
on the client level)
this way it will not be an overdue amount like when a fee is applied and would
affect the PAR of the loan officer. it would be an essential reason to be used
for the loan renewal of a client
> Late Payment Penalties
> ----------------------
>
> Key: MIFOS-3384
> URL: http://mifosforge.jira.com/browse/MIFOS-3384
> Project: mifos
> Issue Type: New Feature
> Components: Fee, Loan Account
> Reporter: Sam Birney
> Assignee: pmqueue
> Priority: Major
> Labels: Accion, Mozambique, almajmoua, community, fantsuam,
> featuretrain, prioritygaps
> Fix For: Release H
>
>
> Some MFIs use late-payment penalties to encourage on-time repayments. For
> example, Al Majmoua charges $1/late day. Some initial requirements to think
> about for this feature:
> * allow late repayment penalty rules to be configured
> * automatically apply the penalties as they are incurred (probably via batch
> job)
> * allow the penalties to be waived (or partially waved for some of the days)
> * allow penalty payments to be made after loan is closed, not tied to meeting
> date
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