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Tracking strategy: Tracking a loan account at group level, at client level or at both
Loan Tracking strategies supported by MifosX
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For example Group named Goodwill has 5 members named Harry, Marry, Nita , Rani , Sita
Goodwill applies for GLITGT loan
MifosX Mifos X shows up a Group Loan application Form with following details
| Loan Product Name | Some loan | ||||||
| Group Loan amount | 50,000 INR (1% processing fees) | ||||||
| Loan Account number | GL200012 | ||||||
| interest rate | 10 % flat annually | ||||||
| Repayment frequency and duration | Every one month for 12 instalments | ||||||
| Split equally | Yes / No (if yes individual loan amounts becomes un-editable) | ||||||
| Client Names | Ind loan acct number | Loan Amt | Charges | % of total amt | |||
| Harry | GL200012-1 | 10,000 INR | 100 INR | 20% | |||
| Marry | GL200012-2 | 10,000 INR | 100 INR | 20% | |||
| Nita | GL200012-3 | 10,000 INR | 100 INR | 20% | |||
| Rani | GL200012-4 | 5000 INR | 50 INR | 10% | |||
| Sita | GL200012-5 | 15,000 INR | 150 INR | 30% |
After disbursing
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| Account holder | Principal | Interest | Principal Paid | Interest Paid | Due | Status |
| Group Account | 50,000 | 5000 | 0 | 0 | 0 | Good |
| Harry | 10,000 | 1000 | 0 | 0 | 0 | Good |
| Marry | 10,000 | 1000 | 0 | 0 | 0 | Good |
| Nita | 10,000 | 1000 | 0 | 0 | 0 | Good |
| Rani | 5000 | 500 | 0 | 0 | 0 | Good |
| Sita | 15,000 | 1500 | 0 | 0 | 0 | Good |
After First payment (Say Nita misses her payment)
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| Account holder | Principal | Interest | Principal Paid | Interest Paid | Due | Status |
| Group Account | 50,000 | 5000 | 3333.333 | 333.333 | 833.3 + 83.3 | Good |
| Harry | 10,000 | 1000 | 833.3333 | 83.3333 | 0 | Good |
| Marry | 10,000 | 1000 | 833.3333 | 83.3333 | 0 | Good |
| Nita | 10,000 | 1000 | 0 | 0 | 833.3 + 83.3 | Good |
| Rani | 5000 | 500 | 416.6667 | 41.6667 | 0 | Good |
| Sita | 15,000 | 1500 | 1250 | 125.0 | 0 | Good |
After Second payment (Say again Nita misses her payment)
| Account holder | Principal | Interest | Principal Paid | Interest Paid | Due | Status |
| Group Account | 50,000 | 5000 | 6666.66 | 833.3333 | 1666.66 + 166.66 | Bad |
| Harry | 10,000 | 1000 | 1666.667 | 166.6667 | 0 | Good |
| Marry | 10,000 | 1000 | 1666.667 | 166.6667 | 0 | Good |
| Nita | 10,000 | 1000 | 0 | 0 | 1666.66 + 166.66 | Bad |
| Rani | 5000 | 500 | 833.3333 | 83.33333 | 0 | Good |
| Sita | 15,000 | 1500 | 2500 | 250 | 0 | Good |
You can write-off loan at group level (upon writ-off all individual loans will also written-off)
You can close group loans only if all individual loans have been closed
You can close sub loans.
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