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Number of Installments not being correct

Hi Ed,


Hope you are well.


We have come across a Mifos issue which I hope you can assist with.




Problem: When creating a loan for 60 equal instalments on Loan Type - CLRC, MIFOS returns random number of instalments depending on the “Nominal interest rate” we provide.

With “Nominal interest rate” being 0, we do receive 60 equal instalments. Please look at the test case below.


On the demo website, I have created a Loan Type and Client to demonstrate your problem. Please see below for details.



Username: mifos

Password: password



Loan Product: CLRC

Created Loan: 2874, 2875 and 2876


Loan Terms

Principal: 100000

Loan term: 60

Number of repayments: 60

Repaid every: 1

First repayment on: 29 June 2018

Interest charged from: 22 June 2018

Nominal interest rate: 27.75  Per year


On the above test case, MIFOS only returns 59 instalments. Now the question is, what happened to the 60th instalment?

Thanks so much,


Kind Regards

Gayle Congdon
Manager – ERP, Accounting & Core Banking Systems


+27 71 485 2543

Tel: +27 11 617 1803
Fax: +27 11 617 1717

8 Kingfisher Crescent, Meyersdal,
Alberton, 1448, Gauteng, South Africa
PO Box 192, Alberton, 1450, South Africa

A division of Altron TMT (Pty) Ltd with our B-BBEE rating as a level four
contributor, allows our customers to claim 100% of spend towards their
preferential procurement measurement for their own B-BBEE status. In 
addition, 100% of the spend is also claimable as Black Owned and Black
Women Owned on the scorecard of our customers.

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