Hi Chau
What i understood from your comments that mifos will post interest on the
over due amount only upon closing a loan account...is my understanding
correct ?
My Scenario is below (Pl. Note: Repayment amount is approximate amount,
please do not get confused with the repayment amount in example.)
Loan Amount: 4000
Loan installments: 4
Interest type: Decline-Interest recalculate
Repayment schedule
Repayment Date Amount Interest Amount paid
05-11-2011 1000.00 80.00 1080.00
05-12-2011 1000.00 80.00 1080.00
05-01-2012 1000.00 80.00 Not Paid
05-02-2012 1000.00 80.00 Not Paid
In the above example, customer has not paid for last 2 installments and i
want to charge him interest from the subsequent meeting dates i.e, from
15th,March 2012.
Loan officer does a follow-up with customer every following month / meeting
dates on the repayment for the over due amount but due to financial
constraint customer does not pay.
As a policy organization charges interest till the loan is considered for
NPA (Non performing Assets) i.e.., 3 months from the over due or loan last
installment date.
Does mifos charge interest for subsequent 3 months after the last repayment
date as per the schedule?
Thanks
Shiva
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