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What is the Microfinance Software Features?

What is Microfinance Software?

Microfinance Software provides you a smart micro banking functionality and enables to manage you to focus on other areas of business. The Microfinance Institutions have access to financial resources to a huge selection of unbanked population that has no prior credit history.

Let’s take a look at four key features of microfinance software.

Microfinance Software Features

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 microfinance software. This will help you from loan application to the 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 checkbooks (if any)
  • Automatic interest calculation for deposits

Microinsurance 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

Conclusion:

These were some of the most important Microfinance Software features. If your company deals with Microfinance then you obviously need such an application. Before making any purchase, just check for these features with a free Microfinance Software Demo.

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