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From Ed Cable <edca...@mifos.org>
Subject Re: Daily calculation - Interests and charges
Date Sat, 29 Jul 2017 15:21:28 GMT
Hi Adriana,

Welcome to the community! I look forward to learning more about the Fintech
Innovation that Bowpi is working on in Guatemala.

In theory, you should be able to support the loan product with the daily
repayment penalties that you're requiring.

I wasn't able to test it out on the demo server just yet but I configured a
product with the daily interest and declining balance calculation along
with an overdue fee charge that is 10% of the loan amount + interest,
calculated on a daily frequency.  Were you stating that you just needed the
penalty to be calculated only on overdue interest? and not overdue
principal + interest or  total interest?

Thanks,

Ed

On Fri, Jul 28, 2017 at 3:23 PM, Adriana Pinto <adriana.pinto@bowpi.com>
wrote:

> Hi Community.
>
> Our team has been developing over the platform, and it’s really
> interesting.
>
> Actually, we have a special case, which has demanded us the
> daily-calculation of interests in our loans.
>
> How? Every loan are calculated with a nominal rate and Declining Balance,
> and it’s ok; but at late repayments we need to calculate the overdue
> charges DAILY.
>
> For example:
>
> Overdue interests are 217.11, and the rate for overdue charges is 10%.
> Then, the moratorium per day would be (217.11*10%*1/360), and it would be
> *accumulated* till the day the repayment occurs.
>
>
>
> Is there any way of configuring this calculation and having evidence of it.
>
>
>
> Kind regards,
>
> Adriana Pinto
>
>
>



-- 
*Ed Cable*
President/CEO, Mifos Initiative
edcable@mifos.org | Skype: edcable | Mobile: +1.484.477.8649

*Collectively Creating a World of 3 Billion Maries | *http://mifos.org
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