<<TODO: Link to original fee specs>>
Additions for MifosX
- Automated application of Penalties (S, High): If a client is late in paying, many MFI's want the penalties associated with this automatically applied. Multiple areas to consider:
- Calculation of Fee: Some MFI's want it a percentage of the principal overdue, some outstanding principal, others want it a flat fee over a period of time (AlMajmoua charges $1 USD for every day late on a payment) - like by day, per month, or per cycle
- Grace Period: Some MFI's do offer clients a grace period on lateness. IE, they may have up to 5 days to pay before the penalties are applied.
- Ability to forgive penalties: MFI's want the ability to remove penalties at their discretion
- Flex Payment: Most will want to collect upon payment of the loan, but others collect at other times. Al Majmoua will collect all the late payment fees as a lump sum AFTER the loan has been paid.