The whole business world is trying to go digital. We utilize the strength of Digital Technologies to streamline our professional and business operations. Without the digitalization, none can survive in the rate race.

Account Management

Microfinance Companies offer savings and other types of accounts for the poor and underdeveloped sections of the society. Those accounts are different from the banking savings accounts. Unlike banking accounts, Microfinance offered savings accounts don’t come with any kinds of maintenance charges. These are mainly ‘zero balance accounts’ that we are talking about. Best Microfinance Software would assist MFIs to take care of the accounts related activities like these. • Opening of Accounts, • Documentations, • Management, • Maintenance, • Interest rates calculation.

Loans Management

Microfinance Companies offer microloans. These kinds of credits are quite different from the bank provided loans. Banks generally provide big ticket loans whether MFIs offer small amount of loans. The rates of interest of micro credits are also less. Most interestingly, MFIs does not demand any kind of collateral or securities for providing loans. Advanced Microfinance Software has the ability to manage all kinds of microloan operations. It helps in streamlining the following areas.

• • Loan Application Process,
• • Loan Documentation,
• • Loan Amount and Rate of Interest Calculation,
• • Underwriting, Approval and Disbursal,
• • Money Transfer to the client’s accounts,
• • Creation and validations of repayment schedules,
• • Send messages and notifications to the clients.

  Loan Recovery

  After providing loans, it’s time to apply loans recovery measurements. Therefore, there are huge tasks which the MFIs need to take care of. An excellent Microfinance Software comes with all kinds of loan recovery tools and modules that are essential to manage any loan recovery procedures. Check the below mentioned details to get a glance of loan recovery. • Making Printout of Loan recovery schedules and sends a copy to the clients via mail or E-mail, • Assign loan recovery tasks to the field agents, • Send messages and notifications to the borrowers for the next repayment date, • Calculation of late fees Well, these are the average details of Microfinance Software features. But the list does not simply ends here. There are tons of benefits that microfinance software can offer to any MFI. All those benefits can help any financial organization to go digital with their business processes and get growth.