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  1. Apache Fineract
  2. FINERACT-649

For repayment strategy, "Interest-Principal-Penalties-Fees" , All Interest dues should be collected first

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    Details

    • Type: Improvement
    • Status: Open
    • Priority: Major
    • Resolution: Unresolved
    • Affects Version/s: 1.1.0
    • Fix Version/s: None
    • Component/s: Loan
    • Labels:
      None

      Description

      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.
       

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            • Assignee:
              Unassigned
              Reporter:
              santoshmath Santosh Math
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              • Created:
                Updated: