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From Ed Cable <edca...@mifos.org>
Subject Re: [Mifos-users] Define and Apply Late Payment Fees (Penalty) to Loan Products
Date Tue, 09 Jan 2018 19:31:04 GMT
Diane,

You can follow the piece of documentation at
https://mifosforge.jira.com/wiki/spaces/docs/pages/72908813/Charges.

But in short, make sure the charge time type is "Overdue Fees" and then
Charge Calculation should be "% Loan Amount + Interest" and then the Amount
would be the percentage specified as an integer so 5% would be a 5 and not
.05

Also make sure you check box as "Penalty"

Ed



On Tue, Jan 9, 2018 at 1:04 AM, Diane via Mifos-users <
mifos-users@lists.sourceforge.net> wrote:

> Hello!
>
> How can I define penalties in Mifos X? I want to define penalties that
> will run automatically when a loan payment has passed the due date.
>
> I followed the steps to define fees, but while defining the charges, I
> need clarifications on the field "amount" which is mandatory field. What
> are we supposed to put in this field?
>
> In my case, the penalties are of 5% of the amount supposed to be paid.
>
> Thank you.
>
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-- 
*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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