
Type: Improvement

Status: Open

Priority: Major

Resolution: Unresolved

Affects Version/s: 1.1.0

Fix Version/s: None

Component/s: Loan

Labels:None
This is requested by Robert Jakech 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.