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From Adriana Pinto <adriana.pi...@bowpi.com>
Subject RE: Daily calculation - Interests and charges
Date Wed, 02 Aug 2017 15:04:31 GMT
Do you have other developers who need the daily balance calculation of the loans?
Just the way I described below…
I’d really appreciate your answer.

De: Adriana Pinto [mailto:adriana.pinto@bowpi.com]
Enviado el: lunes, 31 de julio de 2017 11:00 a.m.
Para: Ed Cable <edcable@mifos.org>
CC: dev@fineract.apache.org; Jose Garcia <jose.garcia@bowpi.com>; Mifos software development
<mifos-developer@lists.sourceforge.net>
Asunto: Re: [Mifos-developer] Daily calculation - Interests and charges

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.

[cid:image001.jpg@01D30B6E.581510C0]


  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.)

[cid:image002.jpg@01D30B6E.581510C0]


  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<mailto:adriana.pinto@bowpi.com>>
CC: Mifos software development <mifos-developer@lists.sourceforge.net<mailto:mifos-developer@lists.sourceforge.net>>;
dev@fineract.apache.org<mailto: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<mailto: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<mailto:edcable@mifos.org> | Skype: edcable | Mobile: +1.484.477.8649

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