There are several good reasons why a micro finance institution needs an information system. Primarily, such a system will solve the following problemsErrors in entries
- Difficult reporting
- Fraud
- Loss of data
- Lack of efficiency
Any information system for managing loans has to address the following issues:
- Multiple users using the system concurrently
- Multiple branch offices
- Easy management and backup
- Ease of usage
- Different types/groups of clients
- Means of customizing to meet any additional need of the micro finance institution
- Multi-users
- Multi-currency
- Multi-branch/Multi-level of consolidation
- Centralized Mode(requiring reliable network)
- Decentralized Mode(when network is unreliable or not existent)
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Features
Clients
- Individuals, solidarity groups, corporate entities
- Customizable fields
- Pictures
- Duplicate client checking
- Client watch list
- Client blacklist
- Client History
- Multi-criteria search engine for clients
Amortization (Repayment) Schedules
- Preset types of schedules (constant payment, constant principal)
- Fully customizable schedule ("exotic products")
- Grace periods on principal / interest payment
- Schedules skip holidays (customizable)
- Schedules skip week days (customizable)
- User-selected payment frequency (daily, weekly, monthly, 28-days, etc.)
- User-rounded total payment
- Rescheduling module (supporting multiple reschedules)
- Management of Prepayments (automatic reschedule can be disabled)
Interest
- Flat / declining interest rates
- Variable annual basis for interest accrual
- Daily accrual / cash method
- Upfront / standard interest payment
Fees and Penalties
- Disbursement fee-origination fees
- Penalties on principal payment
- Penalties on interest payment
- Penalties on overdue principal
- Penalties on overdue interests
- Anticipated repayment fee
Defaults and Overdue Payments
- Quick access to loans in arrears in the "Alert window"
- Due payments are prompted
- Overdue payments are prompted
- Detailed report on loans and clients in arrears
- Reports on Portfolio At Risk, with customizable breakdown
Other Loan Features
- Loan cycles managed at the product level
- Credit committee
- Tracking approved, rejected, suspended and abandoned applications
- Multi-criteria search engine of contracts
Collaterals & guarantors
- Customizable categories of collaterals
- Editable contract for collateral
- Tracking of guarantors
- Editable contract for guarantors
Savings
- Time weighed method of interests calculations
- Minimum weekly/monthly balance
- Various interests payment frequency (daily, weekly, monthly, yearly)
- Resource Management (funding lines)
- Donors and creditors tracked
- Grants and credits tracked
- Resource balance controlled before disbursement
Reporting & Analyses
- Default reports for detailed analysis of clients, applications, loans and collaterals
- Default "consolidation reports" for management
- Exportation to MS Word, Excel or PDF.
- Customization or addition of new reports through Crystal Report
Accounting module
- Customizable according to local schemes
- Manages Cash/Accrual methodology
- Loan loss reserve matrix
- End-of-period closure showing the loan degradation and write-off
- Exportable to an external accounting application
Users and Security
- User password encryption
- Different user level rights and restrictions
- Event log and audit trail
Screenshots
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Technical Specifications and Requirements
- Pre-requisites: Framework .NET 3.5
- Database: SQL Server Express (free) or SQL Server 2005
- Reports: Crystal Report XI
Minimal hardware requirements for the client part are:Â
- Pentium II or higher,
- 64 MB RAM,
- 20 MB free disk space
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