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From Ed Cable <edca...@mifos.org>
Subject Re: Daily calculation - Interests and charges
Date Wed, 02 Aug 2017 15:22:47 GMT
Hi Adriana,

Thanks for providing these specifics.

So to confirm, you need the ability to specify overdue penalties for the
following new scenarios that aren't currently available right now.

Percentage of overdue principal (capital)
Percentage of overdue interest

For both of these you would need to allow this to be done a daily frequency.

Can you create a feature request ticket on the Apache Fineract JIRA? You
can create an account and then open the ticket at
https://issues.apache.org/jira/projects/FINERACT

Is this a requirement that you team could work on? We can try and provide
guidance and mentorship from developers in the community.

On Mon, Jul 31, 2017 at 9:59 AM, Adriana Pinto <adriana.pinto@bowpi.com>
wrote:

> Hi Ed.
>
> I really appreciate your answer.
>
> Maybe, my requirement is more specific for now. I’ll try to give you more
> details below:
>
>
>
> The scenario (for example) is this:
>
>    1. An overdue amount of Capital for 217.11
>    2. An overdue amount of Interest for 300.00
>    3. Payment day: day 24 for every months
>    4. Moratorium percentage for overdue capital: 10%
>    5. Moratorium percentage for overdue Interest: 5%
>    6. For every day the client doesn’t make a repayment, the moratorium
>    is calculated and accumulated
>    7. So, if the client make the Repayment on 31/08, it will have to pay
>    0.5921 of moratorium, and because of the repayment strategy, the next
>    amount to charge from the payment are the overdues amounts, and so on.
>
>
>
>
>
>    1. In MIFOS, when I configure the charge for Moratorium over
>    interests, it shows this resume:
>    2. (There is no way to configure the Moratorium for the capital, at
>    least if it is the “% Amount” option, but I’m not sure about it.)
>
>
>
>
>
>    1. Finally, when charges are applied to the loan, the system (Mifos)
>    calculates the 5% over the full amount of interests. For example, if my
>    overdue amount of interests is 300.00, it calculates for Moratorium 15.00
>    (300*5%), even if the frequency of the charge is daily and the calculation
>    of interests at the loan is daily, too.
>
>
>
> If you have any other question, do not hesitate to contact me.
>
> Kind regards,
>
>
>
> Adriana Pinto
>
>
>
> Pd. I’ll give you more information about our Mifos initiative in the other
> email you sent. Thank you in advance.
>
>
>
> *De:* Ed Cable [mailto:edcable@mifos.org]
> *Enviado el:* sábado, 29 de julio de 2017 09:21 a.m.
> *Para:* Adriana Pinto <adriana.pinto@bowpi.com>
> *CC:* Mifos software development <mifos-developer@lists.sourceforge.net>;
> dev@fineract.apache.org
> *Asunto:* Re: Daily calculation - Interests and charges
>
>
>
> 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
> <(484)%20477-8649>
>
>
>
> *Collectively Creating a World of 3 Billion Maries | *http://mifos.org *[image:
> Imagen quitada por el remitente.]* <http://facebook.com/mifos> *[image:
> Imagen quitada por el remitente.]* <http://www.twitter.com/mifos>
>
>
>



-- 
*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
<http://facebook.com/mifos>  <http://www.twitter.com/mifos>

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