"Need facility to add disbursements to an existing loan (subject to a ceiling).
Similar to a normal current account." "Workaround in Mifos is to close the loan in Mifos and to reopen a new loan with the new amount + closing balance of the closed account. Or to have the new loan disbursement as a separate account itself.
It will be evaluated to see if additional disbursement can be done on an existing account."
Based on 1/9/2012 triage meeting, we need additional details and business requirements for this issue to estimate level of effort before we can assign to a release.
Reporter (Kakhaber) - please provide additional details.
In Mifos, if during the tenure of a loan, an additional disbursement (topping-up of the loan) is made to the same customer, then the only option is to close the loan account (closed-rescheduled) and to disburse another loan with the outstanding amount + additional disbursement amount.
This makes it difficult to track the repayments for a customer easily, especially if the MFI allows frequent top-ups based on regularity of re-payments.
Instead, a facility is needed to add additional principal amount to outstanding principal at any given point in time till the loan is closed. The re-payment schedule usually get extended when additional disbursement is done.
1-Jan-2011 - Disbursed 20,000 (3 months loan, with 2 principal-only grace periods
1-Feb-2011 - member pays interest for 20,000
1-Mar-2011 - member pays interest for 20,000
1-Apr-2011 - member pays interest for 20,000 and requests for additional 30,000 which is approved and disbursed by MFI
1-May-2011 - member pays interest for 50,000
1-Jun-2011 - member pays interest for 50,000
1-July-2011 - member pays interest for 50,000 and repays 50,000
This has the following advantages:
the performance history of a customer on a loan can be easily viewed in Mifos
no need to open multiple loan accounts
accounting entries will be simpler in Mifos (i.e. no need to close loan accounts - closed rescheduled)
Is it still active in Mifos X?