Hi Dusmant,
In the future, please send your emails only to the mifos-users mailing
list. This will ensure prompt response to your question.
Mifos can be configured to define interest bearing days as 360 or 365.
As you note, it cannot be set to 50 weeks (ie, 350 days) See:
http://www.mifos.org/developers/wiki/ConfiguringMifos#accounting
In order to get the loan schedule to match your current repayment
amounts, you'll need to enter a slightly higher interest rate in your
loan product definition. Many MFIs who use a 50 week installment cycle
(Grameen Koota, Enda, etc) have been able to find the right "adjusted"
interest rate to get Mifos to match their original repayment schedule.
I'm not sure if there's a standard excel formula you can use for this
conversion. Perhaps others in the community might be able to provide
this....
Cheers,
Emily.
From: Dusmant Kumar [mailto:[email protected]]
Sent: Thursday, February 26, 2009 1:48 AM
To: Developer; [email protected]
Subject: [Mifos-users] Error on loan schedule creation
Dear all,
I am facing a problem while creating weekly loans.
The loan amount is Rs. 10,000 with 50 weeks repayments. So each
installment amount should be 200+20=220 (pri+int) but in mifos it shows
199.8+19.2=219. The same problem is happening for 7000 or any loan
amount.
The cause of the problem I noticed is due to the year is taken as 365
days, i.e. 52 weeks.
But I require the above desired installment. Please help how to resolve
this issue.
--
Thanks & Regards
------------------------------------------------------
Dusmant Kumar Sahu
Programmer Executive MIS
Adhikar Microfinance Pvt. Ltd.
Corporate Office
Bhubaneshwar, Orissa.
Cell: 9338430676
e-Mail: [email protected]
http://sites.google.com/a/adhikarindia.org/dusmant/
------------------------------------------------------------------------------
Open Source Business Conference (OSBC), March 24-25, 2009, San Francisco, CA
-OSBC tackles the biggest issue in open source: Open Sourcing the Enterprise
-Strategies to boost innovation and cut costs with open source participation
-Receive a $600 discount off the registration fee with the source code: SFAD
http://p.sf.net/sfu/XcvMzF8H
_______________________________________________
Mifos-users mailing list
[email protected]
https://lists.sourceforge.net/lists/listinfo/mifos-users
