Hi all,
One of my clients want to change their interest rate (from 15.46% flat, to
13.04 flat). This is a change across the organization for one of their loan
product and needs to be applied to all active loans also.
I have 2 questions:
a)
Old installments remain unchanged and new installments will have the revised
interest rate, (i.e. for 10,000 loan, old installments have the interest as
30 and any future installments will have interest as 26): Can Mifos handle
such a scenario? My guess is it cannot. Have any of you faced this issue and
if yes, is there a workaround? -
The only thing I can think of is to one-by-one close all existing loans with
"closed-rescheduled" status. Make a note of the principal outstanding before
closing and to create new loans based on this amount. This will be very
painful for the MFI staff and also may show a very skewed data in their
reports.
b)
If old installments also are to change with the new interest rate, then we
could use "reverse loan disbursal" and "redo loan disbursal" features. Is
that correct? Is there a way to do this in bulk, rather than one loan at a
time?
--
Thanks and Regards
Binny Gopinath Sreevas
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