Energy Solution Group LLC

Migrated over from MifosForge – final edit on September 15, 2015.

Overview

• This particular feature permits a individual to

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Background and fit that is strategic

This is also true of items like agricultural loans where consumers money moves could be very volatile. Consequently returns such sectors are regular, unpredictable and frequently less than those of this regular commercial enterprises for which MFIs disburse loans. This necessitates the necessity for banking institutions to personalize loans items, which enable more freedom with all the installment routine.

The adjustable Installment Loans function of Mifos X accommodates this flexibility by indicating:

For a financial loan item:

Minimal and maximum space that must certanly be current between installments (minimum is mandatory, but optimum is optional)

An optional minimum installment quantity

Allow installment dates that are due be modified

Allow installment amounts to be modified (either total installment or major part could be modified)

Add extra installments

Validate the routine and calculations after making these modifications

Requirements/User Stories

Business Rules

Adjustable Installment might be specified for loans which have either flat interest calculation or diminishing stability based calculation that is interest

For a offered loan routine, individual may either alter principal or installment quantity (and never both)

Consumer could make these adjustments just just before loan account approval.

User may change the date of all installments.

User may well not change the quantities for the installment that is last.

Then the other will be automatically calculated by Mifos if the user enters an amount for either principal or installment amount.

An individual may specify adjustable installments in 3 situations:

1) Flat Interest Rate

2) Interest according to Diminishing Balance

3) Interest centered on Diminishing Balance with Interest Recalculation

Situation 1: Flat Interest speed: Mifos will maybe not recompute interest for every installment. And also the total interest will stay exactly like it had been if the initial routine had been created.

Consumer alters times: Date can’t be before past installment date or following the installment date that is next. The date that is new accepted. Hardly any other modification.

Consumer alters amount that is principal This quantity could be zero. The quantity is accepted. The installment quantity is calculated by Mifos as “Installment Interest” + the amount that is principal. The real difference in amount (between newly specified principal and principal that is original the installment) is going to be similarly distributed among other installments principal that have been perhaps maybe perhaps not modified.

Consumer alters installment amount: Amount could be zero too. If the quantity specified is higher than the attention, then your principal amount is determined by Mifos as installment amount specified without the “Installment Interest”. Then the interest is set to this value if the amount specified is less than the interest amount for the installment. The huge difference in major quantity or interest quantity (between newly specified quantity and amount that is original the installment both for interest and principal) would be similarly distributed among other installments (principal and interest) that have been perhaps not modified.

Situation 2 and 3: https://virginiacashadvance.com Interest centered on Diminishing balance (without or with interest recalculation)

Consumer modifies dates: Date may not be before past installment date or following the next installment date. The date that is new accepted. The attention from the installments that follow the modified installment shall be recalculated centered on major outstanding and wide range of times of each installment.

Consumer modifies amount that is principal This quantity may be zero. The total amount is accepted. The real difference in major quantity (between newly specified quantity and initial quantity for the installment) will likely to be similarly distributed among other installments’ principals which were not modified. The interest regarding the installments that follow the modified installment is supposed to be recalculated according to major outstanding and wide range of times of each installment.

Consumer alters installment amount: Amount may be zero too. Then the principal amount is calculated by Mifos as installment amount specified minus the “Installment Interest” if the amount specified is greater than the interest,. In the event that quantity specified is significantly less than the attention quantity for the installment, then your interest is defined to the value plus the difference between interest is either included with the following installment (if compounding is deterred) or included with major if compounded is switched on with this loan product. The attention from the installments that follow the modified installment will be recalculated according to major outstanding and wide range of times of each installment.

The attention recalculation is on the basis of the appropriate setup associated with the loan item as specified at: adjustable Installment Loans

Characteristics

For Loan Products

If above flag holds true, then this industry is mandatory.

Ex. 12 – implies that at the very least 12 times is necessary between 2 loan that is adjacent. If not as much as 12, then the “validate” switch would put a mistake.

Ex. 60 – means utmost 60 times is permitted between 2 loan that is adjacent. Then the “validate” button would throw an error if more than 60.

Ex. 300 – ensures that the installment amount cannot fall below 300. Then the “validate” button would throw an error if less than 300.

This validation won’t be relevant for the installment that is final last installment is going to be auto-computed.

For Loan Installments

Protection and Permissions

A permission that is new enables a person to “Edit Installment Amount and Dates”.

Mifos Functionality Improvements

Brand New Screens

A screen that is new will display the mortgage routine and can enable installment dates and installment quantities to be modified. This display will soon be invoked using a key “Edit Installments” which can be presented in the Repayment information display for the loan account that is new.

The display may have the next characteristics (presented in a tabular type).

# (Installment Quantity), Times, Date, Principal, Interest, Charges, Installment Amount

Simply clicking the Date, Principal, Installment Amount industries enables these areas become modified.

Areas which have been modified is supposed to be shown in a various color (or you will see a artistic indicator for similar).

The display could have the buttons that are following

Validate, Save, Cancel (Save would be enabled just after Validate has came back success)

Modifications to Existing Displays

A button that is new Installments” will be added when you look at the “Repayment Info” display into the “new loan account” creation movement.

This key will be shown only when the individual gets the permissions to “Edit Installment Amount and Dates”.

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