5 Ways Microloan Software Help You to Grow Microfinance Business
After the introduction of Microfinance systems, it has played a vital role to provide economic assistance to the common people, especially poor sections of rural and semi-urban areas. Where formal financial organizations fail to reach, Microfinance companies are successfully giving their assistance.
How microloan software can bring growth to the Microfinance Business?
Microloan software comes at a very affordable price. In India, people can spend ₹30,000-40,000 to get a complete MFI Software. Whereas banking software could make them spend ₹150,000-200,000 and maybe more than that. This is a lot of advantages that MFIs can enjoy.
Microloan Application Processing:
Advanced Microfinance software facilitates the client’s microloan application process. With it, the whole procedures of the loan get automated. Automation means more flexibility and accuracy in completing complex mechanisms. It makes the loan approval and disbursal system faster than before.
This software grants you the ability to collect loan EMIs from various sources. Apart from directly depositing the money, clients may also use other types of transaction methods like UPI, E-payments, Net banking, RTGS, NEFT, IMPS, and many more. The software has the ability to incorporate all those payment gateways.
Extensive Management of Data:
Microfinance management software has the ability to keep data of all the details of client’s accounts, loans, repayments, documentation, and many more. Further, it maintains all those data and prepares them for further usage. Dealing with all that huge chunk of data is not an easy task. But Microloan Software makes the tasks very easy.
Maintaining Transaction Records:
It helps keep track of all the financial dealing records of your MFI organization with the customers and alternative parties. It includes all loan-connected transactions, ranging from details of all the parties taking loans and the amounts disbursed to them. There are also tasks related to the calculation of interests and EMIs, late fees, and penalties, all these tasks are automated now. So, you do not need to worry about them.