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From Ed Cable <edca...@mifos.org>
Subject Re: [Mifos-developer] Unable to disburse loan with a previous date/EMI and Interest Calc
Date Wed, 08 Feb 2017 03:33:11 GMT
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
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