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Posted to dev@fineract.apache.org by Jun King Miñon <ju...@pearlpay.io> on 2019/07/05 01:00:20 UTC
Loan Product: How to create a semi-annual or quarterly principal and
monthly interest
Hi Everyone,
I would like to know if someone has implemented a loan product of type *N
principal and monthly interest*. For example, I have a product to
implement: *Quarterly principal and monthly interest*.
*Principal amount*: 1,000,000 (1M)
*Annual Interest Rate*: 16%
*Loan term*: 60 months (or 1800 days)
*Payment frequency*: every 30 days
So basically, since the total loan term is 60 months and only *quarterly
principal *which means a total of (60 / 3) principal payments = 20 thus
1M/20 = 50,000. Thus every quarter the client has to pay 50,000 plus the
interest for that month. Then declining balance interest method will still
be used.
For simplicity, you can see the repayment schedule as follows:
*Note: This is an actual repayment sheet from our client.*
Date Schedule Principal Balance Principal Interest Amt.
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
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
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 50,000.00 13,333.33 63,333.33
10/11/2019 - F
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='10/11/2019';document.paymentform_a.submit();>
950,000.00 12,666.66 12,666.66
11/10/2019 - Sn
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='11/10/2019';document.paymentform_a.submit();>
950,000.00 12,666.66 12,666.66
12/10/2019 - T
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='12/10/2019';document.paymentform_a.submit();>
950,000.00 50,000.00 12,666.66 62,666.66
01/09/2020 - H
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='01/09/2020';document.paymentform_a.submit();>
900,000.00 12,000.00 12,000.00
02/08/2020 - St
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='02/08/2020';document.paymentform_a.submit();>
900,000.00 12,000.00 12,000.00
03/09/2020 - M
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='03/09/2020';document.paymentform_a.submit();>
900,000.00 50,000.00 12,000.00 62,000.00
04/08/2020 - W
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='04/08/2020';document.paymentform_a.submit();>
850,000.00 11,333.33 11,333.33
05/08/2020 - F
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='05/08/2020';document.paymentform_a.submit();>
850,000.00 11,333.33 11,333.33
06/07/2020 - Sn
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='06/07/2020';document.paymentform_a.submit();>
850,000.00 50,000.00 11,333.33 61,333.33
07/07/2020 - T
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='07/07/2020';document.paymentform_a.submit();>
800,000.00 10,666.66 10,666.66
08/06/2020 - H
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='08/06/2020';document.paymentform_a.submit();>
800,000.00 10,666.66 10,666.66
09/05/2020 - St
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='09/05/2020';document.paymentform_a.submit();>
800,000.00 50,000.00 10,666.66 60,666.66
10/05/2020 - M
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='10/05/2020';document.paymentform_a.submit();>
750,000.00 10,000.00 10,000.00
11/04/2020 - W
<http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='11/04/2020';document.paymentform_a.submit();>
750,000.00 10,000.00 10,000.00
Now, I am kind of confused how can I set this up on Mifos. I am looking on
declining balance interest per quarter and equal principal payments per
quarter. Is this possible on the current Mifos system?
Thank you in advance and 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.pearlpay.com>
https://www.linkedin.com/company/pearlpay
<https://www.linkedin.com/company/pearlpay>
https://www.facebook.com/PearlPayOFFICIAL
<https://www.facebook.com/PearlPayOFFICIAL/>
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Re: [Mifos-users] Loan Product: How to create a semi-annual or
quarterly principal and monthly interest
Posted by Francis Guchie <fr...@gmail.com>.
Dear All,
for the version i am using (17.07.01) this is not possible, so after the
loan is disbursed, i edit the table
m_loan_repayment_schedule
How i do it
if the loan is 60 months but i want quarterly P and monthly Interest
i set the loan for 60 months with Monthly P & I payments
once all is done and after disbursement, then i edit the table and lump the
Principal amounts into quarterly amounts
My Kind Regards
Francis Guchie Kirago
On Fri, Jul 5, 2019 at 1:01 AM Jun King Miñon <ju...@pearlpay.io> wrote:
> Hi Everyone,
>
> I would like to know if someone has implemented a loan product of type *N
> principal and monthly interest*. For example, I have a product to
> implement: *Quarterly principal and monthly interest*.
>
> *Principal amount*: 1,000,000 (1M)
> *Annual Interest Rate*: 16%
> *Loan term*: 60 months (or 1800 days)
> *Payment frequency*: every 30 days
>
> So basically, since the total loan term is 60 months and only *quarterly
> principal *which means a total of (60 / 3) principal payments = 20 thus
> 1M/20 = 50,000. Thus every quarter the client has to pay 50,000 plus the
> interest for that month. Then declining balance interest method will still
> be used.
>
> For simplicity, you can see the repayment schedule as follows:
>
> *Note: This is an actual repayment sheet from our client.*
>
> Date Schedule Principal Balance Principal Interest Amt.
> 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
> 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
> 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 50,000.00 13,333.33 63,333.33
> 10/11/2019 - F
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='10/11/2019';document.paymentform_a.submit();>
> 950,000.00 12,666.66 12,666.66
> 11/10/2019 - Sn
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='11/10/2019';document.paymentform_a.submit();>
> 950,000.00 12,666.66 12,666.66
> 12/10/2019 - T
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='12/10/2019';document.paymentform_a.submit();>
> 950,000.00 50,000.00 12,666.66 62,666.66
> 01/09/2020 - H
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='01/09/2020';document.paymentform_a.submit();>
> 900,000.00 12,000.00 12,000.00
> 02/08/2020 - St
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='02/08/2020';document.paymentform_a.submit();>
> 900,000.00 12,000.00 12,000.00
> 03/09/2020 - M
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='03/09/2020';document.paymentform_a.submit();>
> 900,000.00 50,000.00 12,000.00 62,000.00
> 04/08/2020 - W
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='04/08/2020';document.paymentform_a.submit();>
> 850,000.00 11,333.33 11,333.33
> 05/08/2020 - F
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='05/08/2020';document.paymentform_a.submit();>
> 850,000.00 11,333.33 11,333.33
> 06/07/2020 - Sn
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='06/07/2020';document.paymentform_a.submit();>
> 850,000.00 50,000.00 11,333.33 61,333.33
> 07/07/2020 - T
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='07/07/2020';document.paymentform_a.submit();>
> 800,000.00 10,666.66 10,666.66
> 08/06/2020 - H
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='08/06/2020';document.paymentform_a.submit();>
> 800,000.00 10,666.66 10,666.66
> 09/05/2020 - St
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='09/05/2020';document.paymentform_a.submit();>
> 800,000.00 50,000.00 10,666.66 60,666.66
> 10/05/2020 - M
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='10/05/2020';document.paymentform_a.submit();>
> 750,000.00 10,000.00 10,000.00
> 11/04/2020 - W
> <http://localhost:81/webloan/javascript:document.paymentform_a.payment_date.value='11/04/2020';document.paymentform_a.submit();>
> 750,000.00 10,000.00 10,000.00
>
> Now, I am kind of confused how can I set this up on Mifos. I am looking on
> declining balance interest per quarter and equal principal payments per
> quarter. Is this possible on the current Mifos system?
>
> Thank you in advance and 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.
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