The first due date is the first repayment start date. If the loan is disbursed during a meeting, the repayment Start Date is the disbursal date + frequency of loan repayment + grace period duration (considering holidays and nonworking days).
If the meeting day falls on a holiday, the new repayment date will be the next working day or the next repayment day, depending on how Mifos has been configured. No penalty is calculated for the period between the actual repayment date and the new repayment date.
In case the loan duration extends beyond the current year, the system will create the repayment schedule for all years. However, the system assumes that the subsequent years have NO holidays. When the holidays next year are defined in the system, the repayment schedule for that year will be regenerated, taking into account the Holidays specified.
If payment is not received, the penalty will be calculated from the new rescheduled date.
Succeeding Installment Due Dates are calculated based on Previous Installment Due Date, holidays, and nonworking days as defined by the financial institution.
In case of holidays, if the head office configures it to be Next Repayment Day, no penalty will be calculated for that period. Penalty calculation will start if the client does not pay on the next repayment day.