The correct solution, in my opinion, would be to enable Principal only
grace period for "declining balance - interest recalculation" interest
type. This does a daily-reducing-balance based interest calculation.
But I suspect that it may not solve your issue fully.
As the interest calculated by this interest type depends on the number of
days in the month and hence may not be exactly 2% of outstanding amount for
all months.
How did you compute the interest as 83/-?
is it 10,000 * 2% / 365 * 13 ?
This gives a value greater than 83.
Or it 10,000 * 2% / 31 * 13 --> this gives a value close to 83. But why 31?
A very manual (and un-refined) workaround in Mifos would be to define the
loan product with 11 installments with 1 grace period (principal +
interest). And after disbursement, manually apply a charge that is equal to
the first partial-period interest. The amount of the charge will need to be
externally computed or calculated by a custom report.
Thanks
Binny
On Tue, Nov 15, 2011 at 7:19 PM, HT Team <i...@hugotechnologies.com> wrote:
> Keith
>
> Interest should be calculated only for the period Loan disbursement date
> to subsequent meeting date i.e., 27-02-2011 to 12-03-2011 with interest
> amount as 83/- approximately for 13 days.
> 200/- interest which you mentioned is exactly for 1 month which will be a
> burden on members.
>
> Thanks
> HT
>
>
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