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Posted to issues@fineract.apache.org by "Santosh Math (JIRA)" <ji...@apache.org> on 2018/09/06 12:36:00 UTC
[jira] [Updated] (FINERACT-649) For repayment strategy,
"Interest-Principal-Penalties-Fees" , All Interest dues should be collected
first
[ https://issues.apache.org/jira/browse/FINERACT-649?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel ]
Santosh Math updated FINERACT-649:
----------------------------------
Description:
This is requested by @robert Jackech for Agros
Current behaviour of the repayment strategy : The application won't collect the amount due(interest, principal) for next instalment until dues of current instalment(including interest, principal, fees, etc) are fully paid.
Needed changes in repayment strategy: For any given date, the application should collect all the interest dues acrued till that date and later it should collect any previous instalment principal, fees dues.
Example (as given by Robert in the mail):
If repayments scheduled as follows:
DueDate PrincipalDue InterestDue
30/1/2017 200 50
30/2/2017 150 30
Repayment Strategy: Interest, Principal, Fees.
If someone pays $100 on 20/2/2017:
What Mifos does at the moment is:
It applies the payment to interest ($50), then the balance ($50) goes towards the principal($50).
HOWEVER, What agros wants is:
The system should take first the interest ($50) of first installment, then, calculates interest accrued from first installment (30/1/2017) to 20/2/2017 and apply the balance of payment e.g. if interest accrued is say $10, then, from the balance of ($50), it will apply the $10 and balance of $40 goes to the principal of the first repayment.
was:
Current behaviour of the repayment strategy : The application won't collect the amount due(interest, principal) for next instalment until dues of current instalment(including interest, principal, fees, etc) are fully paid.
Needed changes in repayment strategy: For any given date, the application should collect all the interest dues acrued till that date and later it should collect any previous instalment principal, fees dues.
Example (as given by Robert in the mail):
If repayments scheduled as follows:
DueDate PrincipalDue InterestDue
30/1/2017 200 50
30/2/2017 150 30
Repayment Strategy: Interest, Principal, Fees.
If someone pays $100 on 20/2/2017:
What Mifos does at the moment is:
It applies the payment to interest ($50), then the balance ($50) goes towards the principal($50).
HOWEVER, What agros wants is:
The system should take first the interest ($50) of first installment, then, calculates interest accrued from first installment (30/1/2017) to 20/2/2017 and apply the balance of payment e.g. if interest accrued is say $10, then, from the balance of ($50), it will apply the $10 and balance of $40 goes to the principal of the first repayment.
> For repayment strategy, "Interest-Principal-Penalties-Fees" , All Interest dues should be collected first
> ---------------------------------------------------------------------------------------------------------
>
> Key: FINERACT-649
> URL: https://issues.apache.org/jira/browse/FINERACT-649
> Project: Apache Fineract
> Issue Type: Improvement
> Components: Loan
> Affects Versions: 1.1.0
> Reporter: Santosh Math
> Priority: Major
>
> This is requested by @robert Jackech for Agros
> Current behaviour of the repayment strategy : The application won't collect the amount due(interest, principal) for next instalment until dues of current instalment(including interest, principal, fees, etc) are fully paid.
>
> Needed changes in repayment strategy: For any given date, the application should collect all the interest dues acrued till that date and later it should collect any previous instalment principal, fees dues.
>
> Example (as given by Robert in the mail):
>
> If repayments scheduled as follows:
>
> DueDate PrincipalDue InterestDue
> 30/1/2017 200 50
> 30/2/2017 150 30
>
> Repayment Strategy: Interest, Principal, Fees.
> If someone pays $100 on 20/2/2017:
> What Mifos does at the moment is:
> It applies the payment to interest ($50), then the balance ($50) goes towards the principal($50).
> HOWEVER, What agros wants is:
> The system should take first the interest ($50) of first installment, then, calculates interest accrued from first installment (30/1/2017) to 20/2/2017 and apply the balance of payment e.g. if interest accrued is say $10, then, from the balance of ($50), it will apply the $10 and balance of $40 goes to the principal of the first repayment.
>
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