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
Hi,
Sorry yes I missed out on the fact you were disbursing on 27th of
month so client has loan principal in hand only two weeks when first
installment arises.
As Binny said there is a 'Declining Balace - Interest Recalculation'
method that works using 'daily frequency' for interest calculation.
Binny
Just to give an approximate interest amount i calculated with 31 days.
There are 2 ways of interest calculations here. But i think it will be over
kill on mifos to use the first option and i prefer to use 2nd option.
However, both gives same interest value.
I. Computing interest for
Typo I. Computing interest for balance days in the month using 365 days
formula as I. Computing interest for balance days in the month using days
of month
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The original example had 100 has the interest value used and the
calculation example you gave puts it at 85. What is the value used by
MFI and field officers in the field?
either way its a simple enough change to mifos to make this work.
Keith.
On Tue, Nov 15, 2011 at 3:46 PM, HT Team
