Loan Management System is used to simplify the back-office operations of the bank and finance business delivering some form of a loan. From an end-user point of view, the Loan Management System Implementation consists of two programs.
Functional elements: Security Module, Customer and Loan transaction Module, and a Query Module.
There is a need for finance in every area of life today. As we know, a different bank and finance firm is coming up with a new finance product every month. In such a dynamic environment, just selling the finance commodity is not the only aim, but supplying the consumer with outstanding service over a long period of time is the next big challenge. Therefore, a structure must be placed in a place that can accommodate back-office operations, or these activities will be handled by a large number of customers, and the loan transaction will become tedious and headaches may not be taken seriously.
The proposed “Loan Management System” was then intended to simplify the back-office operations of the bank and finance business providing all forms of loans. The device will make day-to-day operations effective and have a quick response.
Safety modules provide security functions such as account management and password recovery at the program level.
- Maintain User Master-Each user is defined by user name and type of user. Only the admin user can build and edit user details.
- Password must be 6 characters in length.
- The password must be alpha-numeric.
- When developing a login system that assigns the user’s default password, the user must change the default password for the first time to log in.
- Both login timestamps are contained in the protection audit system.
- Access level and responsibilities and rights are set for various categories of users.
Customer and Loan transaction module
- Customer and loan transaction module involve Loan Form, Customer, Issuing Loan, EMI Calculation, Receiving Payments.
- The Device Administrator will be able to incorporate, adjust the form of a loan, such as a Home Loan, Personal Loan, to alter the interest rate.
- Maintain Customer Database, Customer Database contains all information such as Customer Name, Address, Contact No, Bank Account No, Pan No, Email ID, etc. Only Admin and Supervisor will erase the record of the client.
- One consumer may have more than one loan, System creates a unique loan no. System users may add, adjust loan information such as the form of a loan, loan number, tenure, mortgage details, guarantor details. Users can display the monthly loan interest.
- EMI Calculation-System of unique on-screen monthly interest calculator, it provides details breakdown of individual loans, the system takes feedback from users such as Loan Number, Interest Rate, Loan, Issue Date and give details put out as monthly EMI, total interest, total expense.
- EMI measurement can be exported to Microsoft Excel for future analysis.
- Receive payment – The machine may insert payment details for a specific EMI, measure late payment charges if the date of receipt is longer than the EMI date.
- The device has Customer Services, System User can find Customer by name, Account No, Pan No using Wild Card Character Percent.
An efficient question module, which offers on-screen information for a specific customer, allows the device used to display all information for a particular customer on one screen by entering customer no.
- Effective search facility to locate customer id, if device user is unable to recall customer id by typing customer identity, account no, pan no. Find the wild character quest help module.
- It shows customer information such as Customer Name, Account No.
- Loan details like loan no, loan number, interest rate, a form of loan, tenure, monthly EMI, date of issue of the loan.
- Details of the break-up of the EMI and payment details in tabular form.
- Both data can be exported to Microsoft Excel for potential comparisons.