Best 3 Features of Microfinance Software that will Grow your Business
Microfinance banking management software works entirely as a banking system and provides a variety of support. Many similarities can be found between banking software and microfinance software.
What’s so significant about microfinance software?
Let’s take a look at four key features of microfinance software.
Loan Management:
The main function of a microfinance institution is to provide small loans to needy people and small businesses. Microfinance software is a fully automated operational system for managing any loan. You will understand better by looking at the modules mentioned below.
Loan Application — Complete the loan application form process.
Documentation — The process of submitting the required documents and checking whether they are valid.
Application Process — Process the loan application form along with other documents.
Underwriting — Examining loan documents
• Loan Approval — The amount of the loan that is approved by the microfinance institution.
All the above mentioned methods can be easily completed with micro finance software. This will help you from loan application to disbursement process.
Micro Savings Account Management
Like the general banking system, microfinance firms offer savings account services to the public. However, these accounts do not come with any pre-determined conditions such as minimum balance, deposit balance maintenance, etc. The online microfinance software assists you in managing the activities related to these zero balance accounts in the fields described below.
· Micro Savings Account management and application
· Collection of identity cards and other documents and uploading them for accounts
· Process and printout of passbooks and check books (if any)
· Automatic interest calculation for deposits
Micro insurance management
Microfinance companies also provide micro-insurance to people from low-income backgrounds. Micro Insurance is completely like insurance However, the amount and duration of premium is less than that of ordinary types of insurance.
· Automatic estimate of insurance premium and maturity
· Customer documents and KYC processing
· Analysis and submission of insurance sales and premium collection
But our list does not end here. These basic features are very important in running any microfinance company. Without them, you will not be able to provide your small loan services.
