Hi,
I added link to this discussion to issue
https://mifosforge.jira.com/browse/MIFOS-5636.
Regards,
Lukasz
On 07/27/2012 06:11 PM, Keith Woodlock wrote:
> All,
>
> Sahadev gave a very good example of why flexibility is essential around Loans.
>
> The https://mifosforge.jira.com/browse/MIFOS-5
All,
Sahadev gave a very good example of why flexibility is essential around Loans.
The https://mifosforge.jira.com/browse/MIFOS-5636 issue is merely
around in what order should the components of a loan installment such
as principal due, interest due, penalty due, fee due, etc be paid off
when a
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 wrote:
> Hi Sahadev,
>
> Some t
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, Saha
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
Posting on behalf of Rupal.
Hi,
Per consensus here in the office, as per banking norms payments should be
applied to all interest due (overdue and current) first.
Therefore it should be Outcome 1 (ie: 40 paid, 40 outstanding interest
cleared (20 overdue + 20 current).
If there was no overdue,
Ed,
I want to include Rupal to this discussion as she is subject matter expert
for this topic (spl related to RBI rules).
@Rupal,
As per RBI which is the desired outcome for the case Ed has explained, is
only 1st / only 2nd / both are correct or NONE
*Outcome 1*
Partial Payment of 40
20 Paym
Hi,
Adhikar right now using two interest type method 1- Declining Balance
, 2- Declining Balance-Interest Recalculation . But we found almost all the
interest Rate Method having the same repayment features described by you.
On Mon, Jul 2, 2012 at 12:09 AM, Ed Cable wrote:
> In talking wit
In talking with Pradeep at Adhikar he too has a similar need for the
ability to the configure the order in which a payment is applied.
Per requirements of India's Central Bank, RBI, payments on overdue account
must first go toward outstanding interest before any principal is paid off.
So for ex
Hi Nayan,
I agree that the way Mifos calculates the repayment accounting
is correct but some MFIs may want to change the default order of payments.
So that, I created that improvement issue and we can decide in the
future (based on clients requests) if we implement this functionality or
not.
I totally agree with Nayan G. A. The liquidation order currently in Mifos
is the way all CBS have worked with behave.
However, I have seen one which had an option to configure the liquidation
order according to MFI requirement.
Perharps in future version, we could consider adding this setup for M
Hi Thomas and Lukasz,
I believe the way Mifos calculates the repayment accounting is correct.
Refer
http://en.wikipedia.org/wiki/Amortization_schedule
"A portion of each payment is for interest while the remaining amount is
applied towards the principal balance" even though it does not explicit
Hi Thomas,
Currently it is not possible to change the order of payment but I
created improvement Jira issue for this functionality:
http://mifosforge.jira.com/browse/MIFOS-5636.
Regards,
Lukasz
On 06/06/2012 01:24 PM, Thomas (Uganda) wrote:
> Hi Team
>
> I understand when a person makes a loan
Hi Team
I understand when a person makes a loan payment in mifos, Penalty is
deducted first, then Fees, Then Interest and Lastly Principle..
However 2 MFIs I have talked to say it is actually supposed to be the
other way round Principle paid off first, then Interest, then Fees,
and Lastly Penalti
14 matches
Mail list logo
