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From Santosh Math <sant...@confluxtechnologies.com>
Subject Re: [Mifos-developer] Unable to disburse loan with a previous date/EMI and Interest Calc
Date Wed, 08 Feb 2017 06:15:58 GMT
Hi Ed,
Yes, everything is working properly apart from open issues rised in jira

On Wed, Feb 8, 2017 at 9:03 AM, Ed Cable <edcable@mifos.org> wrote:

> Kevin
>
> I'm adding this to the Apache Fineract user's list as that's where the
> conversation should go.
>
> The validation for domain rule violation of EMI is working properly as the
> interest is so high on the loan (18% monthly) which correspond to an APR of
> 628.76%
>
> If you look at the error message in the developer console, it will contain
> more details which help you understand the nature of the error.
>
> See this thread from December for more: https://groups.google.
> com/d/msg/mifosdeveloper/9KsLkRkX3bI/0wyrdvA0EwAJ
>
> There was a bug related to high interest loans disbursed on 29, 30, 31 but
> that has been fixed.
>
> Nazeer,
>
> everything is functioning properly correct?
>
> Ed
>
> On Tue, Feb 7, 2017 at 4:33 AM, Kevin Kimani <kevmbatia@googlemail.com>
> wrote:
>
>> Hello team,
>>
>> I am setting up/testing a loan that has the follwing parameters:
>> 2.     Minimum to maximum loan amount- 5,000 to 2,000,000
>> 3.     Loan term frequency – 1 to 120 (months)
>> 4.     Repayments- Monthly basis.
>> 5.     Nominal Interest Rate is determined by loan cycle:
>> Loan Cycle      Interest rate%(monthly)
>> 1       18
>> 2       16
>> 3       14
>> 4       12
>> 5       10
>> 6       8
>> >6      6.25
>> >12     6
>> >24     5.75
>> >36     5
>> >48     4.75
>> >60     4.5
>>
>> 6.     Amortization-Equal installments.
>> 7.     Interest method- Reducing Balance basis/Declining Balance.
>> 8.     Accounting method for interest – Daily Accrual basis.
>> 9.     Accounting method for Penalty – Daily Accrual basis.
>> 10.  Days in a year-365 days.
>> 11.  Days in a month- Actual.
>> 12.  Grace period before loan moves into arrears =5 days
>> 13.  Maximum number of days before a loan becomes a NPA(Non-performing
>> Asset)-90days
>> 14.  Processing fee- 5 % of Loan applied for.
>> 15.  Penalty charge- 5% of Loan amount + interest.
>> 16.  Repayment posting priority-charges, fees, interest, principal.
>> 17.  Interest Recalculation- Yes.
>> 18.  Interest recalculation compounding on- Fee and  Interest.
>> 19.  Frequency for compounding- Same as repayment period.
>> 20.  Frequency for recalculating interest -Same as repayment period.
>>
>> when i try to disburse the above loan with a previous date e.g.
>> 01-JAN-2016, i get the following error:
>>
>> "field is required
>> error.msg.loanschedule.emi.amount.must.be.greter.than.interest"
>>
>> I am running on the latest version of mifos 16.12.01.
>>
>> Please advice
>>
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>
>
>
>
> --
> *Ed Cable*
> Director of Community Programs, 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>
>
>


-- 
Thanks  and Regards
Santosh
QA Team
Conflux Technologies Pvt Ltd, Bengaluru
Skype:santoshmath99

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