Re: [Mifos-users] Loan Product: Is lumpsum maturity supported or can be configured?

[Jun King Miñon <ju...@pearlpay.io>]

Hi Santosh,

Thanks for pointing that out. I am now able to see this option for new loan
applications :)

Lastly, just to add up, to enable *Variable Installment* the loan product
should either use *daily interest calculation *or *allow partial interest
calculation (set to TRUE).*

Thanks again and cheers!

Regards,

Jun King P. Miñon
Consultant Software Engineer
Core Banking Solutions


On Thu, Jul 4, 2019 at 12:16 PM Santosh Math <
santosh@confluxtechnologies.com> wrote:

> Hi Jun,
> Is 'Variable instalments Allowed' checked on loan product level?
>
> On Thu, Jul 4, 2019 at 7:06 AM Jun King Miñon <ju...@pearlpay.io> wrote:
>
>> Hi Everyone,
>>
>> I was able to achieve this* Periodic Interest - Lumpsum Maturiy *via
>> Loan Product creation. Just in case, someone get stumbled on this type of
>> loan product, on can utilize the *Moratorium* settings where from the
>> User Manual states:
>>
>> *On Principle Payment is '6' and the client's Repayment Frequency is
>> every month, then for the first six months, the client has to pay Interest
>> only and after six months the client starts paying principal amount too.*
>>
>> Now for my case, I set the *On Principal payment *to *11 *(since my
>> amortization period is 12 repayments every 30 days) then create a loan
>> application using this Loan Product template:
>>
>> [image: image.png]
>>
>> However, I am just still curious why I could not see the option on *More>>Edit
>> repayment schedule*:
>>
>> [image: image.png]
>>
>> Any help would highly appreciated. Thank you and cheers!
>>
>>
>> Regards,
>>
>> Jun King P. Miñon
>> Consultant Software Engineer
>> Core Banking Solutions
>>
>>
>> On Thu, Jul 4, 2019 at 8:28 AM Jun King Miñon <ju...@pearlpay.io> wrote:
>>
>>> Hi Everyone,
>>>
>>>
>>> I would like to know if someone has setup a loan product such as *Periodic
>>> Interest, Lumpsum Maturity* in which, a customer (a farmer) will only
>>> pay the interest for each collection and then pays the entire amount
>>> (principal + interest) at the end of its maturity date.  This is a
>>> normal scenario for Agricultural loans, where rural banks do not want to
>>> collect until after the crops have been harvested.
>>>
>>>
>>> As an example, let's say a client make a loan of *1,000,000* with
>>> interest rate of *16%*
>>>
>>> Date Granted - Maturity Date :
>>> 06/13/2019 - 06/07/2020 Loan Term : 12 Months
>>> Loan Product :
>>> Periodic Interest, Lumpsum at Maturity - Rate : 0.16000000
>>> Loan Class :
>>> 2000/2001 - Real Estate Loans / Housing Loans
>>> Loan Status : Current
>>>
>>> Principal Balance : 1,000,000.00
>>> Interest Balance : 159,999.96
>>>
>>> [image: image.png]
>>> No. Date Schedule Principal Balance Principal Interest Amt. Status
>>> 1
>>> <http://localhost:81/webloan/javascript:document.amort_ad.amortno.value='1';document.amort_ad.submit();> 07/13/2019
>>> - St
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='07/13/2019';document.paymentform_a.submit();>
>>> 1,000,000.00 13,333.33 13,333.33 unpaid
>>> 2
>>> <http://localhost:81/webloan/javascript:document.amort_ad.amortno.value='2';document.amort_ad.submit();> 08/12/2019
>>> - M
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='08/12/2019';document.paymentform_a.submit();>
>>> 1,000,000.00 13,333.33 13,333.33 unpaid
>>> 3
>>> <http://localhost:81/webloan/javascript:document.amort_ad.amortno.value='3';document.amort_ad.submit();> 09/11/2019
>>> - W
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='09/11/2019';document.paymentform_a.submit();>
>>> 1,000,000.00 13,333.33 13,333.33 unpaid
>>> 4
>>> <http://localhost:81/webloan/javascript:document.amort_ad.amortno.value='4';document.amort_ad.submit();> 10/11/2019
>>> - F
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='10/11/2019';document.paymentform_a.submit();>
>>> 1,000,000.00 13,333.33 13,333.33 unpaid
>>> 5
>>> <http://localhost:81/webloan/javascript:document.amort_ad.amortno.value='5';document.amort_ad.submit();> 11/10/2019
>>> - Sn
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='11/10/2019';document.paymentform_a.submit();>
>>> 1,000,000.00 13,333.33 13,333.33 unpaid
>>> 6
>>> <http://localhost:81/webloan/javascript:document.amort_ad.amortno.value='6';document.amort_ad.submit();> 12/10/2019
>>> - T
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='12/10/2019';document.paymentform_a.submit();>
>>> 1,000,000.00 13,333.33 13,333.33 unpaid
>>> 7
>>> <http://localhost:81/webloan/javascript:document.amort_ad.amortno.value='7';document.amort_ad.submit();> 01/09/2020
>>> - H
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='01/09/2020';document.paymentform_a.submit();>
>>> 1,000,000.00 13,333.33 13,333.33 unpaid
>>> 8
>>> <http://localhost:81/webloan/javascript:document.amort_ad.amortno.value='8';document.amort_ad.submit();> 02/08/2020
>>> - St
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='02/08/2020';document.paymentform_a.submit();>
>>> 1,000,000.00 13,333.33 13,333.33 unpaid
>>> 9
>>> <http://localhost:81/webloan/javascript:document.amort_ad.amortno.value='9';document.amort_ad.submit();> 03/09/2020
>>> - M
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='03/09/2020';document.paymentform_a.submit();>
>>> 1,000,000.00 13,333.33 13,333.33 unpaid
>>> 10
>>> <http://localhost:81/webloan/javascript:document.amort_ad.amortno.value='10';document.amort_ad.submit();> 04/08/2020
>>> - W
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='04/08/2020';document.paymentform_a.submit();>
>>> 1,000,000.00 13,333.33 13,333.33 unpaid
>>> 11
>>> <http://localhost:81/webloan/javascript:document.amort_ad.amortno.value='11';document.amort_ad.submit();> 05/08/2020
>>> - F
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='05/08/2020';document.paymentform_a.submit();>
>>> 1,000,000.00 13,333.33 13,333.33 unpaid
>>> 12
>>> <http://localhost:81/webloan/javascript:document.amort_ad.amortno.value='12';document.amort_ad.submit();> 06/07/2020
>>> - Sn
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='06/07/2020';document.paymentform_a.submit();>
>>> 1,000,000.00 1,000,000.00 13,333.33 1,013,333.33 unpaid
>>> Total 1,000,000.00 159,999.96 1,159,999.96
>>>
>>> I saw this issue https://mifosforge.jira.com/browse/MIFOS2X-5275 however,
>>> it mentioned from the ticket that this loan can be addressed
>>> via *VARIABLE INSTALLMENTS *feature:
>>> https://mifosforge.jira.com/wiki/spaces/docs/pages/111673401/How+to+provide+variable+installments
>>>
>>> However, during the loan application, while still pending for approval -
>>> I could not see the option on *More>>Edit repayment schedule *as can be
>>> seen below:
>>>
>>> [image: image.png]
>>>
>>> In any case, it will be cumbersome to always perform this per loan
>>> application thus, be able to create a loan product initially will make the
>>> process faster and easier, hence would like to seek your help if on the
>>> current system, is this possible during loan product creation?
>>>
>>> Thank you in advance. Cheers!
>>>
>>> Regards,
>>>
>>> Jun King P. Miñon
>>> Consultant Software Engineer
>>> Core Banking Solutions
>>>
>>
>>
>> PEARLPAY INC.
>>
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>> Manila, Philippines
>>
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>
>
> --
> Thanks & Regards
>
> Santosh Math
>
> *QA Engineer*
>
> *Conflux Technologies Pvt Ltd <http://www.confluxtechnologies.com/>*
> | *Office*: +91-080-41208662 |
>
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E-mail transmission cannot be guaranteed to be secure or error-free as 
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or incomplete, or contain viruses. The sender therefore does not accept 
liability for any errors or omissions in the contents of this message, 
which arise as a result of e-mail transmission.  Our company accepts no 
liability for the content of this email, or for the consequences of any 
actions taken on the basis of the information provided, unless that 
information is subsequently confirmed in writing. If you are not the 
intended recipient you are notified that disclosing, copying, distributing 
or taking any action in reliance on the contents of this information is 
strictly prohibited. Any views or opinions presented in this email are 
solely those of the author and do not necessarily represent those of the 
company. Employees of the company are expressly required not to make 
defamatory statements and not to infringe or authorize any infringement of 
copyright or any other legal right by email communications. Any such 
communication is contrary to company policy and outside the scope of the 
employment of the individual concerned. The company will not accept any 
liability in respect of such communication, and the employee responsible 
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