Title: Message Title
|
|
|
Currently, compounding can be enabled on: - Interest - Fees - Interest + Fees These three options to be supported.
And Mifos Mifo , treats the compounding period to be the same as the Rest period (or Frequency for recalculate Outstanding Principal).
In reality, interest compounding can happen at a period which is different from the Rest period. Mifos to be enhanced to support this.
For example: Loan with Daily-Reducing-Balance-based Interest computation, but compounded monthly.
Rules for first release of this feature : a) Compounding period can only If compounding is to be in multiples of enabled, then the rest following two should be true: - Repayment period is a multiple of Rest period - Compounding is a multiple of repayment period - Rest date and Compounding date has to fall on a repayment date
Examples of Valid combinations: Daily Rest, monthly Monthly repayments, quarterly compounding Daily Rest, Weekly repayments weekly compounding Weekly Rest, Fortnightly payments Fortnightly compounding Examples of Invalid combinations: Monthly Rest, daily compounding (compounding period less than Rest) Weekly Rest, Monthly compounding (compounding period is not a multiple of the Rest period) b) This will be enabled only for products that allow interest recalculation c) On the date of compounding interest, Mifos will compute interest as: - Interest for each of overdue installments to be computed on Principal + All overdue Interests (+ Fees, if applicable) Please see attached excel sheet for calculation.
|
|
|
|
|
|
------------------------------------------------------------------------------
BPM Camp - Free Virtual Workshop May 6th at 10am PDT/1PM EDT
Develop your own process in accordance with the BPMN 2 standard
Learn Process modeling best practices with Bonita BPM through live exercises
http://www.bonitasoft.com/be-part-of-it/events/bpm-camp-virtual- event?utm_
source=Sourceforge_BPM_Camp_5_6_15&utm_medium=email&utm_campaign=VA_SF
_______________________________________________
Mifos-issues mailing list
Mifos-issues@lists.sourceforge.net
https://lists.sourceforge.net/lists/listinfo/mifos-issues