Adhikar had this same issue so it's clearly major priority for users in
India due to the revised National Banking regulations.
Jakub - could you provide an estimate of this feature - I know it's a very
major one.
Ed
On Fri, Jul 27, 2012 at 6:20 AM, Lukasz Chudy <[email protected]> wrote:
> Hi Sahadev,
>
> Some time ago I created improvement issue for the ability to configure the
> payment order https://mifosforge.jira.com/browse/MIFOS-5636. If you like
> this approach then please add Vote to this issue and label of your
> organization.
>
> Best regards,
> Lukasz
>
>
>
> On 07/18/2012 08:10 AM, Sahadev Kunapuli wrote:
>
> Appropriating payment towards past due interest or past due principal is a
> matter each institution's priority and as per the country's regulatory
> requirements. Here is an illustration :
>
>
> Assumptions : 1) Loan loss provisioning as per the regulator's
> guidelines = 30 % of bad loans. 2) Repayment can be appropriated as per
> institution's choice.
>
> 3)Total Over due Amount : Rs. 10000 4) Total overdue interest Rs.
> 1800 /- 4) Rate of Interest 18 % p.a. 5) Amount paid by the member
> Rs. 1800/-
>
> Scenario - I : Entire amount appropriated towards interest . Loan loss
> provision = Rs. 30 % of Rs. 10000 = 3000 . Less interest earned = 1800. Net
> income to institution is Rs. - 2200 (loss)
>
> Scenario - II : Entire amount adjusted towards overdue principal. Loan
> loss provision - (10000-1800) * 30 % .= (8200* 30 %)= Rs 2460 ( loss)
>
>
>
> The income recognition and loan loss provisioning requirements of the
> country's regulator is a key factor in prioritising repayments. in many
> countries. interest cannot be booked in a loan account till the overdue
> amount is cleared . Hence it is better to give the option to prioritise as
> part of MIFOS software so that each institution can adopt the practice best
> suited to it as per local conditions.
>
>
>
>
> --
> SAHADEV K
> MOBILE : 91-9010001015
>
>
>
>
>
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