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From Ed Cable <edca...@mifos.org>
Subject Re: Principal pre-payments
Date Mon, 28 Aug 2017 18:19:58 GMT
Hi Adriana,

I'm adding the Apache Fineract users mailing list as well.

Glad that you've dug all the way back into documentation for Mifos Gen 1
(Mifos 2.0).

In Mifos X, pre-payments towards principal are handled by configuration of
how advance repayments get applied when recalculating interest. There are
three options. The third option of  "reschedule next repayments" should
cover what you want by having the advanced payment get applied to principal
and only interest remains.

Please see
https://mifosforge.jira.com/wiki/spaces/docs/pages/82149390/Recalculate+Interest

See also: http://mifos.org/blog/announcing-mifos-x-1-25/

Advance Payment Adjustment Type

   - Reduce EMI Amount
   - Reduce Number of Installments
   - Reschedule next repayments.

Whenever advanced payment for next installments is made by the client, then
we can either reduce EMI amount or we can reduce number of installments.
Otherwise we can reschedule next repayments

'Reduce EMI Amount' is selected when we want to keep number of installments
as same as previous installments and EMI is reduced to fit into those
number of installments.

'Reduce Number of Installments' is selected whenever client makes advanced
payments in order to close his loan account with less number of
installments.

'Reschedule next repayments' is selected where advanced repayments from the
client is applied/adjusted to the next scheduled repayments so that client
may only need to pay his interest.




On Mon, Aug 28, 2017 at 10:53 AM, Adriana Pinto <adriana.pinto@bowpi.com>
wrote:

> Hi all.
>
> I was Reading the blog (https://mifosforge.jira.com/
> wiki/spaces/MIFOS/pages/73466214/Loan+Payments) in the section of
> “Principal pre-payments”, but I couldn’t find this option in MIFOS 1.x.
>
> Is there a way of applying principal pre-payments in the MIFOS 1.0
> version? I think there should be a way, but could you please give a clue
> about it?
>
> Thank you.
>
>
>
> Adriana
>
>
>



-- 
*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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