Re: [Mifos-users] Loan Product: How to create a semi-annual or quarterly principal and monthly interest

[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
>
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