Fiter, one of our Mifos Gold Partners, has developed several custom functionalities across their projects that have been requested and proven useful as a response for the global COVID-19 pandemic.
Mifos Reschedule Functionality
Currently Mifos has the following validations and behaviors:
- It doesn’t allow rescheduling loans which have pending, paid or waived penalties. This affects loans with daily penalties.
- If a reschedule is performed it currently affects disbursement fees and even paid installments.
Fiter has implemented the following upgrades based on those:
- Reschedule is now possible on loans which have pending penalties and even pending installments.
- The new validations are: Reschedule can only be applied to future installments or past installments which have no registered transactions or calculated penalties.
- No previous payments or disbursement fees will be affected.
Email Campaigns Functionality
Fiter has implemented a powerful email campaigns functionality with the following characteristics:
- It allows creating campaigns by using a personal email account or an SMTP service.
- These campaigns can be set up defining specific system triggers like Client Creation, Loan Creation, Installment Payment, etc.
- Besides the regular campaigns we have the option to create Reminder Campaigns and Overdue Warnings Campaigns that can be sent a specific number of days before or after installments due dates.
- The body of the campaigns can be formatted using an HTML editor and can include parameters from clients and loans, such as Name, Number of Credit, Installment Amount, etc.
- Branding Parameters can also be now be included to insert predefined items such as logos, headers and footers your email campaigns
- Campaign mails can also include attachments of Templates and Reports created within Mifos.
Payments to principal
A constantly requested functionality, not available in Mifos, is the option to make a payment directly to the principal of the loan. One of our latest implementations modifies one of the standard repayment strategies (Penalties, Fees, Interest, Principal) to allow making a payment directly to the principal of the loan using a simple checkbox option on the repayment form.
- It allows to make repayments directly to principal so future installments amounts are reduced.
- This new functionality validates whether the loan has pending installments or penalties, so it covers them before making the payment to the Principal.
- An original schedule tab is enabled when using this functionality.