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MLM Yug can be your first choice for developing loan management software. Industry surveys show that bank loan management is a growing priority for both community and regional banks, with a large number of regional and global banks are implementing loan management portfolios and inventing new schemes for loan origination and repayment.
However, manual loan file management process is tedious and time consuming, not to mention that it is highly prone to errors and fraud. In the light of these potentially damaging effects of the manual process, a growing number of banks have made the strategic decision to move towards a software solution to streamline their loan management process. A loan management software can help bankers track vital information such as due installments, interest and penalty calculation etc instantaneously.
A Web based Loan Management Software developed by MLM Yug - Online MLM Software Company is advantageous in the fact that it is customization and flexible so that bankers can set the interest rates, payment type and other key parameters to their liking. A web based system helps bankers reduce any redundancies and inconsistencies that may arise in the information. This is common error that one may come across while using a manual system to manage loan information. The highlight of a Web Based system is that addition, modification or deletion of data is immediately visible to all parties who are involved in the loan process namely the user and the bank officers. While data modification in the manual system becomes a long drawn out process which takes several days for the information to get updated, in the web based system has the advantage of instantaneous modification which is not only highly secure with “need to know” access levels at the bankers’ end and the added benefit to the user to always be in the know and plan out his future payments but also makes the process faster and easier.
The loan management software also provides balance reports and timely reports which indicate to the user the progress of the loan term with updated and current information on all the interests paid, available balance and other relevant information. This helps to achieve a greater degree of transparency in the loan management process. Bankers are also given the liberty to change penalty and grace period settings of the loan at any time.
Transferring of documents within branches of the home bank is another process which has become fast and easy with the loan management system going online. Customer service was improved tremendously with this process. The quality of the loan management process has also improved, which finds the system being implemented increasingly in banks around the world. The documentation aspect has also reduced in terms of latency period. There fewer hard copy documents lying around waiting to be signed as there is only the need for the banking official to approve the document using is secure administrative login.
In the future, this system can be integrated with Government databases to enable identity verification, eligibility for loans, financial background, previous loans etc of an individual when he applies for a loan, which significantly reduces documentation while reducing number of customer visits to the bank. The Web based Loan Management software definitely helps to improve loan management quality while maintaining cost.
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