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Posted to dev@fineract.apache.org by Francis Guchie <fr...@gmail.com> on 2019/07/05 09:10:52 UTC
Re: [Mifos-users] Loan Product: Applying a Service Charge based on terms
Hello King,
Do you want the system to charge on Principal and interest of each month?
My Kind Regards
Francis Guchie Kirago
On Fri, Jul 5, 2019 at 1:58 AM Jun King Miñon <ju...@pearlpay.io> wrote:
> Hi Everyone,
>
> I would like to know if someone has implemented a loan product with
> service charge based on term and a percentage of the approved loan amount.
>
> *Principal amount*: 1,000,000 (1M)
> *Annual Interest Rate*: 16%
> *Loan term*: 60 months (or 1800 days)
> *Payment frequency*: every 30 days
> *Service charge*: 2% annum
>
> So computation of service charge will be: (1,000,000*.02*/12)=*1,666.667*
> per monthly. And this will be just added on each payment as you can see
> below:
>
> *Note: This is an actual repayment sheet from our client.*
>
> Date Schedule Principal Balance Principal Interest Service Charge Amt.
> Status
> 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 10,984.73 13,333.33 1,666.66 25,984.72 unpaid
> 08/12/2019 - M
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='08/12/2019';document.paymentform_a.submit();>
> 989,015.27 11,131.19 13,186.87 1,666.66 25,984.72 unpaid
> 09/11/2019 - W
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='09/11/2019';document.paymentform_a.submit();>
> 977,884.08 11,279.61 13,038.45 1,666.66 25,984.72 unpaid
> 10/11/2019 - F
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='10/11/2019';document.paymentform_a.submit();>
> 966,604.47 11,430.01 12,888.05 1,666.66 25,984.72 unpaid
> 11/10/2019 - Sn
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='11/10/2019';document.paymentform_a.submit();>
> 955,174.46 11,582.41 12,735.65 1,666.66 25,984.72 unpaid
> 12/10/2019 - T
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='12/10/2019';document.paymentform_a.submit();>
> 943,592.05 11,736.84 12,581.22 1,666.66 25,984.72 unpaid
> 01/09/2020 - H
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='01/09/2020';document.paymentform_a.submit();>
> 931,855.21 11,893.33 12,424.73 1,666.66 25,984.72 unpaid
> 02/08/2020 - St
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='02/08/2020';document.paymentform_a.submit();>
> 919,961.88 12,051.91 12,266.15 1,666.66 25,984.72 unpaid
> 03/09/2020 - M
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='03/09/2020';document.paymentform_a.submit();>
> 907,909.97 12,212.60 12,105.46 1,666.66 25,984.72 unpaid
> 04/08/2020 - W
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='04/08/2020';document.paymentform_a.submit();>
> 895,697.37 12,375.43 11,942.63 1,666.66 25,984.72 unpaid
> 05/08/2020 - F
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='05/08/2020';document.paymentform_a.submit();>
> 883,321.94 12,540.44 11,777.62 1,666.66 25,984.72 unpaid
> 06/07/2020 - Sn
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='06/07/2020';document.paymentform_a.submit();>
> 870,781.50 12,707.64 11,610.42 1,666.66 25,984.72 unpaid
>
> I have tried creating a CHARGE of INSTALLMENT FEE type in order to get
> charged on every installment:
>
> [image: image.png]
>
> However, using this approach, the actual amount being used is actually the
> principal amount on that month as can be seen below:
>
> [image: image.png]
>
> We would highly appreciate any help on this. Thank you in advance. Cheers!
>
> Regards,
>
> Jun King P. Miñon
> Consultant Software Engineer
> Core Banking Solutions
>
>
> PEARLPAY INC.
>
> 2nd Floor, 22 The Jupiter Center, Jupiter Street, Makati, 1209 Metro
> Manila, Philippines
>
> https://www.pearlpay.com
> https://www.linkedin.com/company/pearlpay
> https://www.facebook.com/PearlPayOFFICIAL
>
> This email and any files transmitted with it are confidential and intended
> solely for the use of the individual or entity to whom they are addressed.
> If you have received this email in error please notify the system manager.
> This message contains confidential information and is intended only for the
> individual named. If you are not the named addressee you should not
> disseminate, distribute or copy this e-mail. Please notify the sender
> immediately by e-mail if you have received this e-mail by mistake and
> delete this e-mail from your system. 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. WARNING: Computer viruses can be transmitted via email. The
> recipient should check this email and any attachments for the presence of
> viruses. The company accepts no liability for any damage caused by any
> virus transmitted by this email. E-mail transmission cannot be guaranteed
> to be secure or error-free as information could be intercepted, corrupted,
> lost, destroyed, arrive late 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
> will be personally liable for any damages or other liability arising.
> _______________________________________________
> Mifos-users mailing list
> Mifos-users@lists.sourceforge.net
> https://lists.sourceforge.net/lists/listinfo/mifos-users
>
Re: [Mifos-users] Loan Product: Applying a Service Charge based on terms
Posted by Francis Guchie <fr...@gmail.com>.
Hi Jun,
Please once you do it please send a PR thank you lots in advance
My Kind Regards
Francis Guchie Kirago
On Fri, Jul 5, 2019 at 9:34 AM Jun King Miñon <ju...@pearlpay.io> wrote:
> Hi Francis,
>
> Thanks for this tip. Yes, it looks good but we are looking into
> dynamically allow the users to do this. In any case, I will be developing
> this new feature on our version and then check if there is an existing
> track or issue on Mifos regarding this which I could take.
>
> Regards,
>
> Jun King P. Miñon
> Consultant Software Engineer
> Core Banking Solutions
>
>
> On Fri, Jul 5, 2019 at 5:30 PM Francis Guchie <fr...@gmail.com>
> wrote:
>
>> Hi King,
>>
>> So what i see is you want the system to charge on disbursed principal and
>> then schedule the repayments according to the repayment schedule.
>> if i am right then this is my take
>>
>> 1- what is your interest calculation method
>> if it is FLAT rate then what you are asking for is ok
>> if it is reducing balance (declining or amortised) then you should know
>> that this will be complex a bit because as per financial standards client
>> should be charge at reducing balance principle
>>
>> so for me i find that the way its charging is ok
>> i can only advise that u just increase the percentage since the system is
>> considering the monthly principal amounts
>>
>>
>> My Kind Regards
>>
>> Francis Guchie Kirago
>>
>>
>>
>>
>>
>>
>>
>>
>> On Fri, Jul 5, 2019 at 9:14 AM Jun King Miñon <ju...@pearlpay.io> wrote:
>>
>>> Hi Francis,
>>>
>>> Thanks for helping me on this one. Basically, the charge will be on the
>>> disbursed amount. As an example, please see below:
>>>
>>> *Principal amount*: 1,000,000 (1M)
>>> *Annual Interest Rate*: 16%
>>> *Loan term*: 60 months (or 1800 days)
>>> *Payment frequency*: every 30 days
>>> *Service charge*: 2% annum
>>>
>>> So computation of service charge will be: (1,000,000*.02*/12)=
>>> *1,666.667* per monthly. And this will be just added on each payment as you
>>> can see below:
>>>
>>> *Note: This is an actual repayment sheet from our client.*
>>>
>>> Date Schedule Principal Balance Principal Interest Service Charge Amt.
>>> Status
>>> 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 10,984.73 13,333.33 1,666.66 25,984.72 unpaid
>>> 08/12/2019 - M
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='08/12/2019';document.paymentform_a.submit();>
>>> 989,015.27 11,131.19 13,186.87 1,666.66 25,984.72 unpaid
>>> 09/11/2019 - W
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='09/11/2019';document.paymentform_a.submit();>
>>> 977,884.08 11,279.61 13,038.45 1,666.66 25,984.72 unpaid
>>> 10/11/2019 - F
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='10/11/2019';document.paymentform_a.submit();>
>>> 966,604.47 11,430.01 12,888.05 1,666.66 25,984.72 unpaid
>>> 11/10/2019 - Sn
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='11/10/2019';document.paymentform_a.submit();>
>>> 955,174.46 11,582.41 12,735.65 1,666.66 25,984.72 unpaid
>>> 12/10/2019 - T
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='12/10/2019';document.paymentform_a.submit();>
>>> 943,592.05 11,736.84 12,581.22 1,666.66 25,984.72 unpaid
>>> 01/09/2020 - H
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='01/09/2020';document.paymentform_a.submit();>
>>> 931,855.21 11,893.33 12,424.73 1,666.66 25,984.72 unpaid
>>> 02/08/2020 - St
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='02/08/2020';document.paymentform_a.submit();>
>>> 919,961.88 12,051.91 12,266.15 1,666.66 25,984.72 unpaid
>>> 03/09/2020 - M
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='03/09/2020';document.paymentform_a.submit();>
>>> 907,909.97 12,212.60 12,105.46 1,666.66 25,984.72 unpaid
>>> 04/08/2020 - W
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='04/08/2020';document.paymentform_a.submit();>
>>> 895,697.37 12,375.43 11,942.63 1,666.66 25,984.72 unpaid
>>> 05/08/2020 - F
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='05/08/2020';document.paymentform_a.submit();>
>>> 883,321.94 12,540.44 11,777.62 1,666.66 25,984.72 unpaid
>>> 06/07/2020 - Sn
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='06/07/2020';document.paymentform_a.submit();>
>>> 870,781.50 12,707.64 11,610.42 1,666.66 25,984.72 unpaid
>>>
>>> Regards,
>>>
>>> Jun King P. Miñon
>>> Consultant Software Engineer
>>> Core Banking Solutions
>>>
>>>
>>> On Fri, Jul 5, 2019 at 5:11 PM Francis Guchie <fr...@gmail.com>
>>> wrote:
>>>
>>>> Hello King,
>>>>
>>>> Do you want the system to charge on Principal and interest of each
>>>> month?
>>>>
>>>>
>>>> My Kind Regards
>>>>
>>>> Francis Guchie Kirago
>>>>
>>>>
>>>>
>>>>
>>>>
>>>>
>>>>
>>>>
>>>> On Fri, Jul 5, 2019 at 1:58 AM Jun King Miñon <ju...@pearlpay.io> wrote:
>>>>
>>>>> Hi Everyone,
>>>>>
>>>>> I would like to know if someone has implemented a loan product with
>>>>> service charge based on term and a percentage of the approved loan amount.
>>>>>
>>>>> *Principal amount*: 1,000,000 (1M)
>>>>> *Annual Interest Rate*: 16%
>>>>> *Loan term*: 60 months (or 1800 days)
>>>>> *Payment frequency*: every 30 days
>>>>> *Service charge*: 2% annum
>>>>>
>>>>> So computation of service charge will be: (1,000,000*.02*/12)=
>>>>> *1,666.667* per monthly. And this will be just added on each payment
>>>>> as you can see below:
>>>>>
>>>>> *Note: This is an actual repayment sheet from our client.*
>>>>>
>>>>> Date Schedule Principal Balance Principal Interest Service Charge Amt.
>>>>> Status
>>>>> 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 10,984.73 13,333.33 1,666.66 25,984.72 unpaid
>>>>> 08/12/2019 - M
>>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='08/12/2019';document.paymentform_a.submit();>
>>>>> 989,015.27 11,131.19 13,186.87 1,666.66 25,984.72 unpaid
>>>>> 09/11/2019 - W
>>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='09/11/2019';document.paymentform_a.submit();>
>>>>> 977,884.08 11,279.61 13,038.45 1,666.66 25,984.72 unpaid
>>>>> 10/11/2019 - F
>>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='10/11/2019';document.paymentform_a.submit();>
>>>>> 966,604.47 11,430.01 12,888.05 1,666.66 25,984.72 unpaid
>>>>> 11/10/2019 - Sn
>>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='11/10/2019';document.paymentform_a.submit();>
>>>>> 955,174.46 11,582.41 12,735.65 1,666.66 25,984.72 unpaid
>>>>> 12/10/2019 - T
>>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='12/10/2019';document.paymentform_a.submit();>
>>>>> 943,592.05 11,736.84 12,581.22 1,666.66 25,984.72 unpaid
>>>>> 01/09/2020 - H
>>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='01/09/2020';document.paymentform_a.submit();>
>>>>> 931,855.21 11,893.33 12,424.73 1,666.66 25,984.72 unpaid
>>>>> 02/08/2020 - St
>>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='02/08/2020';document.paymentform_a.submit();>
>>>>> 919,961.88 12,051.91 12,266.15 1,666.66 25,984.72 unpaid
>>>>> 03/09/2020 - M
>>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='03/09/2020';document.paymentform_a.submit();>
>>>>> 907,909.97 12,212.60 12,105.46 1,666.66 25,984.72 unpaid
>>>>> 04/08/2020 - W
>>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='04/08/2020';document.paymentform_a.submit();>
>>>>> 895,697.37 12,375.43 11,942.63 1,666.66 25,984.72 unpaid
>>>>> 05/08/2020 - F
>>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='05/08/2020';document.paymentform_a.submit();>
>>>>> 883,321.94 12,540.44 11,777.62 1,666.66 25,984.72 unpaid
>>>>> 06/07/2020 - Sn
>>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='06/07/2020';document.paymentform_a.submit();>
>>>>> 870,781.50 12,707.64 11,610.42 1,666.66 25,984.72 unpaid
>>>>>
>>>>> I have tried creating a CHARGE of INSTALLMENT FEE type in order to get
>>>>> charged on every installment:
>>>>>
>>>>> [image: image.png]
>>>>>
>>>>> However, using this approach, the actual amount being used is actually
>>>>> the principal amount on that month as can be seen below:
>>>>>
>>>>> [image: image.png]
>>>>>
>>>>> We would highly appreciate any help on this. Thank you in advance.
>>>>> Cheers!
>>>>>
>>>>> Regards,
>>>>>
>>>>> Jun King P. Miñon
>>>>> Consultant Software Engineer
>>>>> Core Banking Solutions
>>>>>
>>>>>
>>>>> PEARLPAY INC.
>>>>>
>>>>> 2nd Floor, 22 The Jupiter Center, Jupiter Street, Makati, 1209 Metro
>>>>> Manila, Philippines
>>>>>
>>>>> https://www.pearlpay.com
>>>>> https://www.linkedin.com/company/pearlpay
>>>>> https://www.facebook.com/PearlPayOFFICIAL
>>>>>
>>>>> This email and any files transmitted with it are confidential and
>>>>> intended solely for the use of the individual or entity to whom they are
>>>>> addressed. If you have received this email in error please notify the
>>>>> system manager. This message contains confidential information and is
>>>>> intended only for the individual named. If you are not the named addressee
>>>>> you should not disseminate, distribute or copy this e-mail. Please notify
>>>>> the sender immediately by e-mail if you have received this e-mail by
>>>>> mistake and delete this e-mail from your system. 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. WARNING: Computer viruses can be transmitted via
>>>>> email. The recipient should check this email and any attachments for the
>>>>> presence of viruses. The company accepts no liability for any damage caused
>>>>> by any virus transmitted by this email. E-mail transmission cannot be
>>>>> guaranteed to be secure or error-free as information could be intercepted,
>>>>> corrupted, lost, destroyed, arrive late 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 will be personally liable for any damages or other
>>>>> liability arising.
>>>>> _______________________________________________
>>>>> Mifos-users mailing list
>>>>> Mifos-users@lists.sourceforge.net
>>>>> https://lists.sourceforge.net/lists/listinfo/mifos-users
>>>>>
>>>> _______________________________________________
>>>> Mifos-users mailing list
>>>> Mifos-users@lists.sourceforge.net
>>>> https://lists.sourceforge.net/lists/listinfo/mifos-users
>>>>
>>>
>>>
>>> PEARLPAY INC.
>>>
>>> 2nd Floor, 22 The Jupiter Center, Jupiter Street, Makati, 1209 Metro
>>> Manila, Philippines
>>>
>>> https://www.pearlpay.com
>>> https://www.linkedin.com/company/pearlpay
>>> https://www.facebook.com/PearlPayOFFICIAL
>>>
>>> This email and any files transmitted with it are confidential and
>>> intended solely for the use of the individual or entity to whom they are
>>> addressed. If you have received this email in error please notify the
>>> system manager. This message contains confidential information and is
>>> intended only for the individual named. If you are not the named addressee
>>> you should not disseminate, distribute or copy this e-mail. Please notify
>>> the sender immediately by e-mail if you have received this e-mail by
>>> mistake and delete this e-mail from your system. 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. WARNING: Computer viruses can be transmitted via
>>> email. The recipient should check this email and any attachments for the
>>> presence of viruses. The company accepts no liability for any damage caused
>>> by any virus transmitted by this email. E-mail transmission cannot be
>>> guaranteed to be secure or error-free as information could be intercepted,
>>> corrupted, lost, destroyed, arrive late 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 will be personally liable for any damages or other
>>> liability arising.
>>>
>>
>
> PEARLPAY INC.
>
> 2nd Floor, 22 The Jupiter Center, Jupiter Street, Makati, 1209 Metro
> Manila, Philippines
>
> https://www.pearlpay.com
> https://www.linkedin.com/company/pearlpay
> https://www.facebook.com/PearlPayOFFICIAL
>
> This email and any files transmitted with it are confidential and intended
> solely for the use of the individual or entity to whom they are addressed.
> If you have received this email in error please notify the system manager.
> This message contains confidential information and is intended only for the
> individual named. If you are not the named addressee you should not
> disseminate, distribute or copy this e-mail. Please notify the sender
> immediately by e-mail if you have received this e-mail by mistake and
> delete this e-mail from your system. 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. WARNING: Computer viruses can be transmitted via email. The
> recipient should check this email and any attachments for the presence of
> viruses. The company accepts no liability for any damage caused by any
> virus transmitted by this email. E-mail transmission cannot be guaranteed
> to be secure or error-free as information could be intercepted, corrupted,
> lost, destroyed, arrive late 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
> will be personally liable for any damages or other liability arising.
>
Re: [Mifos-users] Loan Product: Applying a Service Charge based on terms
Posted by Jun King Miñon <ju...@pearlpay.io>.
Hi Francis,
Thanks for this tip. Yes, it looks good but we are looking into dynamically
allow the users to do this. In any case, I will be developing this new
feature on our version and then check if there is an existing track or
issue on Mifos regarding this which I could take.
Regards,
Jun King P. Miñon
Consultant Software Engineer
Core Banking Solutions
On Fri, Jul 5, 2019 at 5:30 PM Francis Guchie <fr...@gmail.com>
wrote:
> Hi King,
>
> So what i see is you want the system to charge on disbursed principal and
> then schedule the repayments according to the repayment schedule.
> if i am right then this is my take
>
> 1- what is your interest calculation method
> if it is FLAT rate then what you are asking for is ok
> if it is reducing balance (declining or amortised) then you should know
> that this will be complex a bit because as per financial standards client
> should be charge at reducing balance principle
>
> so for me i find that the way its charging is ok
> i can only advise that u just increase the percentage since the system is
> considering the monthly principal amounts
>
>
> My Kind Regards
>
> Francis Guchie Kirago
>
>
>
>
>
>
>
>
> On Fri, Jul 5, 2019 at 9:14 AM Jun King Miñon <ju...@pearlpay.io> wrote:
>
>> Hi Francis,
>>
>> Thanks for helping me on this one. Basically, the charge will be on the
>> disbursed amount. As an example, please see below:
>>
>> *Principal amount*: 1,000,000 (1M)
>> *Annual Interest Rate*: 16%
>> *Loan term*: 60 months (or 1800 days)
>> *Payment frequency*: every 30 days
>> *Service charge*: 2% annum
>>
>> So computation of service charge will be: (1,000,000*.02*/12)=*1,666.667*
>> per monthly. And this will be just added on each payment as you can see
>> below:
>>
>> *Note: This is an actual repayment sheet from our client.*
>>
>> Date Schedule Principal Balance Principal Interest Service Charge Amt.
>> Status
>> 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 10,984.73 13,333.33 1,666.66 25,984.72 unpaid
>> 08/12/2019 - M
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='08/12/2019';document.paymentform_a.submit();>
>> 989,015.27 11,131.19 13,186.87 1,666.66 25,984.72 unpaid
>> 09/11/2019 - W
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='09/11/2019';document.paymentform_a.submit();>
>> 977,884.08 11,279.61 13,038.45 1,666.66 25,984.72 unpaid
>> 10/11/2019 - F
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='10/11/2019';document.paymentform_a.submit();>
>> 966,604.47 11,430.01 12,888.05 1,666.66 25,984.72 unpaid
>> 11/10/2019 - Sn
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='11/10/2019';document.paymentform_a.submit();>
>> 955,174.46 11,582.41 12,735.65 1,666.66 25,984.72 unpaid
>> 12/10/2019 - T
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='12/10/2019';document.paymentform_a.submit();>
>> 943,592.05 11,736.84 12,581.22 1,666.66 25,984.72 unpaid
>> 01/09/2020 - H
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='01/09/2020';document.paymentform_a.submit();>
>> 931,855.21 11,893.33 12,424.73 1,666.66 25,984.72 unpaid
>> 02/08/2020 - St
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='02/08/2020';document.paymentform_a.submit();>
>> 919,961.88 12,051.91 12,266.15 1,666.66 25,984.72 unpaid
>> 03/09/2020 - M
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='03/09/2020';document.paymentform_a.submit();>
>> 907,909.97 12,212.60 12,105.46 1,666.66 25,984.72 unpaid
>> 04/08/2020 - W
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='04/08/2020';document.paymentform_a.submit();>
>> 895,697.37 12,375.43 11,942.63 1,666.66 25,984.72 unpaid
>> 05/08/2020 - F
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='05/08/2020';document.paymentform_a.submit();>
>> 883,321.94 12,540.44 11,777.62 1,666.66 25,984.72 unpaid
>> 06/07/2020 - Sn
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='06/07/2020';document.paymentform_a.submit();>
>> 870,781.50 12,707.64 11,610.42 1,666.66 25,984.72 unpaid
>>
>> Regards,
>>
>> Jun King P. Miñon
>> Consultant Software Engineer
>> Core Banking Solutions
>>
>>
>> On Fri, Jul 5, 2019 at 5:11 PM Francis Guchie <fr...@gmail.com>
>> wrote:
>>
>>> Hello King,
>>>
>>> Do you want the system to charge on Principal and interest of each month?
>>>
>>>
>>> My Kind Regards
>>>
>>> Francis Guchie Kirago
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>> On Fri, Jul 5, 2019 at 1:58 AM Jun King Miñon <ju...@pearlpay.io> wrote:
>>>
>>>> Hi Everyone,
>>>>
>>>> I would like to know if someone has implemented a loan product with
>>>> service charge based on term and a percentage of the approved loan amount.
>>>>
>>>> *Principal amount*: 1,000,000 (1M)
>>>> *Annual Interest Rate*: 16%
>>>> *Loan term*: 60 months (or 1800 days)
>>>> *Payment frequency*: every 30 days
>>>> *Service charge*: 2% annum
>>>>
>>>> So computation of service charge will be: (1,000,000*.02*/12)=
>>>> *1,666.667* per monthly. And this will be just added on each payment
>>>> as you can see below:
>>>>
>>>> *Note: This is an actual repayment sheet from our client.*
>>>>
>>>> Date Schedule Principal Balance Principal Interest Service Charge Amt.
>>>> Status
>>>> 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 10,984.73 13,333.33 1,666.66 25,984.72 unpaid
>>>> 08/12/2019 - M
>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='08/12/2019';document.paymentform_a.submit();>
>>>> 989,015.27 11,131.19 13,186.87 1,666.66 25,984.72 unpaid
>>>> 09/11/2019 - W
>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='09/11/2019';document.paymentform_a.submit();>
>>>> 977,884.08 11,279.61 13,038.45 1,666.66 25,984.72 unpaid
>>>> 10/11/2019 - F
>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='10/11/2019';document.paymentform_a.submit();>
>>>> 966,604.47 11,430.01 12,888.05 1,666.66 25,984.72 unpaid
>>>> 11/10/2019 - Sn
>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='11/10/2019';document.paymentform_a.submit();>
>>>> 955,174.46 11,582.41 12,735.65 1,666.66 25,984.72 unpaid
>>>> 12/10/2019 - T
>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='12/10/2019';document.paymentform_a.submit();>
>>>> 943,592.05 11,736.84 12,581.22 1,666.66 25,984.72 unpaid
>>>> 01/09/2020 - H
>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='01/09/2020';document.paymentform_a.submit();>
>>>> 931,855.21 11,893.33 12,424.73 1,666.66 25,984.72 unpaid
>>>> 02/08/2020 - St
>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='02/08/2020';document.paymentform_a.submit();>
>>>> 919,961.88 12,051.91 12,266.15 1,666.66 25,984.72 unpaid
>>>> 03/09/2020 - M
>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='03/09/2020';document.paymentform_a.submit();>
>>>> 907,909.97 12,212.60 12,105.46 1,666.66 25,984.72 unpaid
>>>> 04/08/2020 - W
>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='04/08/2020';document.paymentform_a.submit();>
>>>> 895,697.37 12,375.43 11,942.63 1,666.66 25,984.72 unpaid
>>>> 05/08/2020 - F
>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='05/08/2020';document.paymentform_a.submit();>
>>>> 883,321.94 12,540.44 11,777.62 1,666.66 25,984.72 unpaid
>>>> 06/07/2020 - Sn
>>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='06/07/2020';document.paymentform_a.submit();>
>>>> 870,781.50 12,707.64 11,610.42 1,666.66 25,984.72 unpaid
>>>>
>>>> I have tried creating a CHARGE of INSTALLMENT FEE type in order to get
>>>> charged on every installment:
>>>>
>>>> [image: image.png]
>>>>
>>>> However, using this approach, the actual amount being used is actually
>>>> the principal amount on that month as can be seen below:
>>>>
>>>> [image: image.png]
>>>>
>>>> We would highly appreciate any help on this. Thank you in advance.
>>>> Cheers!
>>>>
>>>> Regards,
>>>>
>>>> Jun King P. Miñon
>>>> Consultant Software Engineer
>>>> Core Banking Solutions
>>>>
>>>>
>>>> PEARLPAY INC.
>>>>
>>>> 2nd Floor, 22 The Jupiter Center, Jupiter Street, Makati, 1209 Metro
>>>> Manila, Philippines
>>>>
>>>> https://www.pearlpay.com
>>>> https://www.linkedin.com/company/pearlpay
>>>> https://www.facebook.com/PearlPayOFFICIAL
>>>>
>>>> This email and any files transmitted with it are confidential and
>>>> intended solely for the use of the individual or entity to whom they are
>>>> addressed. If you have received this email in error please notify the
>>>> system manager. This message contains confidential information and is
>>>> intended only for the individual named. If you are not the named addressee
>>>> you should not disseminate, distribute or copy this e-mail. Please notify
>>>> the sender immediately by e-mail if you have received this e-mail by
>>>> mistake and delete this e-mail from your system. 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. WARNING: Computer viruses can be transmitted via
>>>> email. The recipient should check this email and any attachments for the
>>>> presence of viruses. The company accepts no liability for any damage caused
>>>> by any virus transmitted by this email. E-mail transmission cannot be
>>>> guaranteed to be secure or error-free as information could be intercepted,
>>>> corrupted, lost, destroyed, arrive late 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
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>>>> 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
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>>>
>>
>>
>> PEARLPAY INC.
>>
>> 2nd Floor, 22 The Jupiter Center, Jupiter Street, Makati, 1209 Metro
>> Manila, Philippines
>>
>> https://www.pearlpay.com
>> https://www.linkedin.com/company/pearlpay
>> https://www.facebook.com/PearlPayOFFICIAL
>>
>> This email and any files transmitted with it are confidential and
>> intended solely for the use of the individual or entity to whom they are
>> addressed. If you have received this email in error please notify the
>> system manager. This message contains confidential information and is
>> intended only for the individual named. If you are not the named addressee
>> you should not disseminate, distribute or copy this e-mail. Please notify
>> the sender immediately by e-mail if you have received this e-mail by
>> mistake and delete this e-mail from your system. 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. WARNING: Computer viruses can be transmitted via
>> email. The recipient should check this email and any attachments for the
>> presence of viruses. The company accepts no liability for any damage caused
>> by any virus transmitted by this email. E-mail transmission cannot be
>> guaranteed to be secure or error-free as information could be intercepted,
>> corrupted, lost, destroyed, arrive late or incomplete, or contain viruses.
>> The sender therefore does not accept liability for any errors or omissions
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>> 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
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>> 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 will be personally liable for any damages or other
>> liability arising.
>>
>
--
PEARLPAY INC.
2nd Floor, 22 The Jupiter Center, Jupiter Street,
Makati, 1209 Metro Manila, Philippines
https://www.pearlpay.com
<https://www.pearlpay.com>
https://www.linkedin.com/company/pearlpay
<https://www.linkedin.com/company/pearlpay>
https://www.facebook.com/PearlPayOFFICIAL
<https://www.facebook.com/PearlPayOFFICIAL/>
This email and any files
transmitted with it are confidential and intended solely for the use of the
individual or entity to whom they are addressed. If you have received this
email in error please notify the system manager. This message contains
confidential information and is intended only for the individual named. If
you are not the named addressee you should not disseminate, distribute or
copy this e-mail. Please notify the sender immediately by e-mail if you
have received this e-mail by mistake and delete this e-mail from your
system. 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. WARNING: Computer
viruses can be transmitted via email. The recipient should check this email
and any attachments for the presence of viruses. The company accepts no
liability for any damage caused by any virus transmitted by this email.
E-mail transmission cannot be guaranteed to be secure or error-free as
information could be intercepted, corrupted, lost, destroyed, arrive late
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
will be personally liable for any damages or other liability arising.
Re: [Mifos-users] Loan Product: Applying a Service Charge based on terms
Posted by Francis Guchie <fr...@gmail.com>.
Hi King,
So what i see is you want the system to charge on disbursed principal and
then schedule the repayments according to the repayment schedule.
if i am right then this is my take
1- what is your interest calculation method
if it is FLAT rate then what you are asking for is ok
if it is reducing balance (declining or amortised) then you should know
that this will be complex a bit because as per financial standards client
should be charge at reducing balance principle
so for me i find that the way its charging is ok
i can only advise that u just increase the percentage since the system is
considering the monthly principal amounts
My Kind Regards
Francis Guchie Kirago
On Fri, Jul 5, 2019 at 9:14 AM Jun King Miñon <ju...@pearlpay.io> wrote:
> Hi Francis,
>
> Thanks for helping me on this one. Basically, the charge will be on the
> disbursed amount. As an example, please see below:
>
> *Principal amount*: 1,000,000 (1M)
> *Annual Interest Rate*: 16%
> *Loan term*: 60 months (or 1800 days)
> *Payment frequency*: every 30 days
> *Service charge*: 2% annum
>
> So computation of service charge will be: (1,000,000*.02*/12)=*1,666.667*
> per monthly. And this will be just added on each payment as you can see
> below:
>
> *Note: This is an actual repayment sheet from our client.*
>
> Date Schedule Principal Balance Principal Interest Service Charge Amt.
> Status
> 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 10,984.73 13,333.33 1,666.66 25,984.72 unpaid
> 08/12/2019 - M
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='08/12/2019';document.paymentform_a.submit();>
> 989,015.27 11,131.19 13,186.87 1,666.66 25,984.72 unpaid
> 09/11/2019 - W
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='09/11/2019';document.paymentform_a.submit();>
> 977,884.08 11,279.61 13,038.45 1,666.66 25,984.72 unpaid
> 10/11/2019 - F
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='10/11/2019';document.paymentform_a.submit();>
> 966,604.47 11,430.01 12,888.05 1,666.66 25,984.72 unpaid
> 11/10/2019 - Sn
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='11/10/2019';document.paymentform_a.submit();>
> 955,174.46 11,582.41 12,735.65 1,666.66 25,984.72 unpaid
> 12/10/2019 - T
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='12/10/2019';document.paymentform_a.submit();>
> 943,592.05 11,736.84 12,581.22 1,666.66 25,984.72 unpaid
> 01/09/2020 - H
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='01/09/2020';document.paymentform_a.submit();>
> 931,855.21 11,893.33 12,424.73 1,666.66 25,984.72 unpaid
> 02/08/2020 - St
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='02/08/2020';document.paymentform_a.submit();>
> 919,961.88 12,051.91 12,266.15 1,666.66 25,984.72 unpaid
> 03/09/2020 - M
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='03/09/2020';document.paymentform_a.submit();>
> 907,909.97 12,212.60 12,105.46 1,666.66 25,984.72 unpaid
> 04/08/2020 - W
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='04/08/2020';document.paymentform_a.submit();>
> 895,697.37 12,375.43 11,942.63 1,666.66 25,984.72 unpaid
> 05/08/2020 - F
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='05/08/2020';document.paymentform_a.submit();>
> 883,321.94 12,540.44 11,777.62 1,666.66 25,984.72 unpaid
> 06/07/2020 - Sn
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='06/07/2020';document.paymentform_a.submit();>
> 870,781.50 12,707.64 11,610.42 1,666.66 25,984.72 unpaid
>
> Regards,
>
> Jun King P. Miñon
> Consultant Software Engineer
> Core Banking Solutions
>
>
> On Fri, Jul 5, 2019 at 5:11 PM Francis Guchie <fr...@gmail.com>
> wrote:
>
>> Hello King,
>>
>> Do you want the system to charge on Principal and interest of each month?
>>
>>
>> My Kind Regards
>>
>> Francis Guchie Kirago
>>
>>
>>
>>
>>
>>
>>
>>
>> On Fri, Jul 5, 2019 at 1:58 AM Jun King Miñon <ju...@pearlpay.io> wrote:
>>
>>> Hi Everyone,
>>>
>>> I would like to know if someone has implemented a loan product with
>>> service charge based on term and a percentage of the approved loan amount.
>>>
>>> *Principal amount*: 1,000,000 (1M)
>>> *Annual Interest Rate*: 16%
>>> *Loan term*: 60 months (or 1800 days)
>>> *Payment frequency*: every 30 days
>>> *Service charge*: 2% annum
>>>
>>> So computation of service charge will be: (1,000,000*.02*/12)=
>>> *1,666.667* per monthly. And this will be just added on each payment as you
>>> can see below:
>>>
>>> *Note: This is an actual repayment sheet from our client.*
>>>
>>> Date Schedule Principal Balance Principal Interest Service Charge Amt.
>>> Status
>>> 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 10,984.73 13,333.33 1,666.66 25,984.72 unpaid
>>> 08/12/2019 - M
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='08/12/2019';document.paymentform_a.submit();>
>>> 989,015.27 11,131.19 13,186.87 1,666.66 25,984.72 unpaid
>>> 09/11/2019 - W
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='09/11/2019';document.paymentform_a.submit();>
>>> 977,884.08 11,279.61 13,038.45 1,666.66 25,984.72 unpaid
>>> 10/11/2019 - F
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='10/11/2019';document.paymentform_a.submit();>
>>> 966,604.47 11,430.01 12,888.05 1,666.66 25,984.72 unpaid
>>> 11/10/2019 - Sn
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='11/10/2019';document.paymentform_a.submit();>
>>> 955,174.46 11,582.41 12,735.65 1,666.66 25,984.72 unpaid
>>> 12/10/2019 - T
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='12/10/2019';document.paymentform_a.submit();>
>>> 943,592.05 11,736.84 12,581.22 1,666.66 25,984.72 unpaid
>>> 01/09/2020 - H
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='01/09/2020';document.paymentform_a.submit();>
>>> 931,855.21 11,893.33 12,424.73 1,666.66 25,984.72 unpaid
>>> 02/08/2020 - St
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='02/08/2020';document.paymentform_a.submit();>
>>> 919,961.88 12,051.91 12,266.15 1,666.66 25,984.72 unpaid
>>> 03/09/2020 - M
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='03/09/2020';document.paymentform_a.submit();>
>>> 907,909.97 12,212.60 12,105.46 1,666.66 25,984.72 unpaid
>>> 04/08/2020 - W
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='04/08/2020';document.paymentform_a.submit();>
>>> 895,697.37 12,375.43 11,942.63 1,666.66 25,984.72 unpaid
>>> 05/08/2020 - F
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='05/08/2020';document.paymentform_a.submit();>
>>> 883,321.94 12,540.44 11,777.62 1,666.66 25,984.72 unpaid
>>> 06/07/2020 - Sn
>>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='06/07/2020';document.paymentform_a.submit();>
>>> 870,781.50 12,707.64 11,610.42 1,666.66 25,984.72 unpaid
>>>
>>> I have tried creating a CHARGE of INSTALLMENT FEE type in order to get
>>> charged on every installment:
>>>
>>> [image: image.png]
>>>
>>> However, using this approach, the actual amount being used is actually
>>> the principal amount on that month as can be seen below:
>>>
>>> [image: image.png]
>>>
>>> We would highly appreciate any help on this. Thank you in advance.
>>> Cheers!
>>>
>>> Regards,
>>>
>>> Jun King P. Miñon
>>> Consultant Software Engineer
>>> Core Banking Solutions
>>>
>>>
>>> PEARLPAY INC.
>>>
>>> 2nd Floor, 22 The Jupiter Center, Jupiter Street, Makati, 1209 Metro
>>> Manila, Philippines
>>>
>>> https://www.pearlpay.com
>>> https://www.linkedin.com/company/pearlpay
>>> https://www.facebook.com/PearlPayOFFICIAL
>>>
>>> This email and any files transmitted with it are confidential and
>>> intended solely for the use of the individual or entity to whom they are
>>> addressed. If you have received this email in error please notify the
>>> system manager. This message contains confidential information and is
>>> intended only for the individual named. If you are not the named addressee
>>> you should not disseminate, distribute or copy this e-mail. Please notify
>>> the sender immediately by e-mail if you have received this e-mail by
>>> mistake and delete this e-mail from your system. 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. WARNING: Computer viruses can be transmitted via
>>> email. The recipient should check this email and any attachments for the
>>> presence of viruses. The company accepts no liability for any damage caused
>>> by any virus transmitted by this email. E-mail transmission cannot be
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> PEARLPAY INC.
>
> 2nd Floor, 22 The Jupiter Center, Jupiter Street, Makati, 1209 Metro
> Manila, Philippines
>
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>
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Re: [Mifos-users] Loan Product: Applying a Service Charge based on terms
Posted by Jun King Miñon <ju...@pearlpay.io>.
Hi Francis,
Thanks for helping me on this one. Basically, the charge will be on the
disbursed amount. As an example, please see below:
*Principal amount*: 1,000,000 (1M)
*Annual Interest Rate*: 16%
*Loan term*: 60 months (or 1800 days)
*Payment frequency*: every 30 days
*Service charge*: 2% annum
So computation of service charge will be: (1,000,000*.02*/12)=*1,666.667*
per monthly. And this will be just added on each payment as you can see
below:
*Note: This is an actual repayment sheet from our client.*
Date Schedule Principal Balance Principal Interest Service Charge Amt.
Status
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 10,984.73 13,333.33 1,666.66 25,984.72 unpaid
08/12/2019 - M
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='08/12/2019';document.paymentform_a.submit();>
989,015.27 11,131.19 13,186.87 1,666.66 25,984.72 unpaid
09/11/2019 - W
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='09/11/2019';document.paymentform_a.submit();>
977,884.08 11,279.61 13,038.45 1,666.66 25,984.72 unpaid
10/11/2019 - F
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='10/11/2019';document.paymentform_a.submit();>
966,604.47 11,430.01 12,888.05 1,666.66 25,984.72 unpaid
11/10/2019 - Sn
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='11/10/2019';document.paymentform_a.submit();>
955,174.46 11,582.41 12,735.65 1,666.66 25,984.72 unpaid
12/10/2019 - T
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='12/10/2019';document.paymentform_a.submit();>
943,592.05 11,736.84 12,581.22 1,666.66 25,984.72 unpaid
01/09/2020 - H
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='01/09/2020';document.paymentform_a.submit();>
931,855.21 11,893.33 12,424.73 1,666.66 25,984.72 unpaid
02/08/2020 - St
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='02/08/2020';document.paymentform_a.submit();>
919,961.88 12,051.91 12,266.15 1,666.66 25,984.72 unpaid
03/09/2020 - M
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='03/09/2020';document.paymentform_a.submit();>
907,909.97 12,212.60 12,105.46 1,666.66 25,984.72 unpaid
04/08/2020 - W
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='04/08/2020';document.paymentform_a.submit();>
895,697.37 12,375.43 11,942.63 1,666.66 25,984.72 unpaid
05/08/2020 - F
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='05/08/2020';document.paymentform_a.submit();>
883,321.94 12,540.44 11,777.62 1,666.66 25,984.72 unpaid
06/07/2020 - Sn
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='06/07/2020';document.paymentform_a.submit();>
870,781.50 12,707.64 11,610.42 1,666.66 25,984.72 unpaid
Regards,
Jun King P. Miñon
Consultant Software Engineer
Core Banking Solutions
On Fri, Jul 5, 2019 at 5:11 PM Francis Guchie <fr...@gmail.com>
wrote:
> Hello King,
>
> Do you want the system to charge on Principal and interest of each month?
>
>
> My Kind Regards
>
> Francis Guchie Kirago
>
>
>
>
>
>
>
>
> On Fri, Jul 5, 2019 at 1:58 AM Jun King Miñon <ju...@pearlpay.io> wrote:
>
>> Hi Everyone,
>>
>> I would like to know if someone has implemented a loan product with
>> service charge based on term and a percentage of the approved loan amount.
>>
>> *Principal amount*: 1,000,000 (1M)
>> *Annual Interest Rate*: 16%
>> *Loan term*: 60 months (or 1800 days)
>> *Payment frequency*: every 30 days
>> *Service charge*: 2% annum
>>
>> So computation of service charge will be: (1,000,000*.02*/12)=*1,666.667*
>> per monthly. And this will be just added on each payment as you can see
>> below:
>>
>> *Note: This is an actual repayment sheet from our client.*
>>
>> Date Schedule Principal Balance Principal Interest Service Charge Amt.
>> Status
>> 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 10,984.73 13,333.33 1,666.66 25,984.72 unpaid
>> 08/12/2019 - M
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='08/12/2019';document.paymentform_a.submit();>
>> 989,015.27 11,131.19 13,186.87 1,666.66 25,984.72 unpaid
>> 09/11/2019 - W
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='09/11/2019';document.paymentform_a.submit();>
>> 977,884.08 11,279.61 13,038.45 1,666.66 25,984.72 unpaid
>> 10/11/2019 - F
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='10/11/2019';document.paymentform_a.submit();>
>> 966,604.47 11,430.01 12,888.05 1,666.66 25,984.72 unpaid
>> 11/10/2019 - Sn
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='11/10/2019';document.paymentform_a.submit();>
>> 955,174.46 11,582.41 12,735.65 1,666.66 25,984.72 unpaid
>> 12/10/2019 - T
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='12/10/2019';document.paymentform_a.submit();>
>> 943,592.05 11,736.84 12,581.22 1,666.66 25,984.72 unpaid
>> 01/09/2020 - H
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='01/09/2020';document.paymentform_a.submit();>
>> 931,855.21 11,893.33 12,424.73 1,666.66 25,984.72 unpaid
>> 02/08/2020 - St
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='02/08/2020';document.paymentform_a.submit();>
>> 919,961.88 12,051.91 12,266.15 1,666.66 25,984.72 unpaid
>> 03/09/2020 - M
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='03/09/2020';document.paymentform_a.submit();>
>> 907,909.97 12,212.60 12,105.46 1,666.66 25,984.72 unpaid
>> 04/08/2020 - W
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='04/08/2020';document.paymentform_a.submit();>
>> 895,697.37 12,375.43 11,942.63 1,666.66 25,984.72 unpaid
>> 05/08/2020 - F
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='05/08/2020';document.paymentform_a.submit();>
>> 883,321.94 12,540.44 11,777.62 1,666.66 25,984.72 unpaid
>> 06/07/2020 - Sn
>> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='06/07/2020';document.paymentform_a.submit();>
>> 870,781.50 12,707.64 11,610.42 1,666.66 25,984.72 unpaid
>>
>> I have tried creating a CHARGE of INSTALLMENT FEE type in order to get
>> charged on every installment:
>>
>> [image: image.png]
>>
>> However, using this approach, the actual amount being used is actually
>> the principal amount on that month as can be seen below:
>>
>> [image: image.png]
>>
>> We would highly appreciate any help on this. Thank you in advance. Cheers!
>>
>> Regards,
>>
>> Jun King P. Miñon
>> Consultant Software Engineer
>> Core Banking Solutions
>>
>>
>> PEARLPAY INC.
>>
>> 2nd Floor, 22 The Jupiter Center, Jupiter Street, Makati, 1209 Metro
>> Manila, Philippines
>>
>> https://www.pearlpay.com
>> https://www.linkedin.com/company/pearlpay
>> https://www.facebook.com/PearlPayOFFICIAL
>>
>> This email and any files transmitted with it are confidential and
>> intended solely for the use of the individual or entity to whom they are
>> addressed. If you have received this email in error please notify the
>> system manager. This message contains confidential information and is
>> intended only for the individual named. If you are not the named addressee
>> you should not disseminate, distribute or copy this e-mail. Please notify
>> the sender immediately by e-mail if you have received this e-mail by
>> mistake and delete this e-mail from your system. 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. WARNING: Computer viruses can be transmitted via
>> email. The recipient should check this email and any attachments for the
>> presence of viruses. The company accepts no liability for any damage caused
>> by any virus transmitted by this email. E-mail transmission cannot be
>> guaranteed to be secure or error-free as information could be intercepted,
>> corrupted, lost, destroyed, arrive late 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 will be personally liable for any damages or other
>> liability arising.
>> _______________________________________________
>> Mifos-users mailing list
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--
PEARLPAY INC.
2nd Floor, 22 The Jupiter Center, Jupiter Street,
Makati, 1209 Metro Manila, Philippines
https://www.pearlpay.com
<https://www.pearlpay.com>
https://www.linkedin.com/company/pearlpay
<https://www.linkedin.com/company/pearlpay>
https://www.facebook.com/PearlPayOFFICIAL
<https://www.facebook.com/PearlPayOFFICIAL/>
This email and any files
transmitted with it are confidential and intended solely for the use of the
individual or entity to whom they are addressed. If you have received this
email in error please notify the system manager. This message contains
confidential information and is intended only for the individual named. If
you are not the named addressee you should not disseminate, distribute or
copy this e-mail. Please notify the sender immediately by e-mail if you
have received this e-mail by mistake and delete this e-mail from your
system. 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. WARNING: Computer
viruses can be transmitted via email. The recipient should check this email
and any attachments for the presence of viruses. The company accepts no
liability for any damage caused by any virus transmitted by this email.
E-mail transmission cannot be guaranteed to be secure or error-free as
information could be intercepted, corrupted, lost, destroyed, arrive late
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
will be personally liable for any damages or other liability arising.