Loaning process is managed through Excel spread-sheets, word document and different Web subscriptions. This can be very tedious and complicated because the process is time consuming, labour intensive and error prone. The operational risk ranged from multiple data entry points by multiple parties to incapability to readily generate compliance reports.
The loaning operation can be further optimized by introducing Loan Management System which allows centralizing and monitoring of all the relevant processes. This system is designed to track the loaning process starting from application to the releasing of approved loans. This system will help to eliminate the needs to do filing, keeping hard copies and also for more efficient retrieval of data since all the data are kept in centralized database. Security of this system can be ensured as different users will be given different access right to the system.
Objectives for this project:
- To enable faster turnaround for loan approvals and reduce operating costs through a structured, streamlined workflow environment
- To enable standardizing of loaning procedures and documentation to improve accuracy and efficiency
- To enable generation of comprehensive loan reporting
- Data Management
- Report Generation
- Calculation of Interest and Repayment Schedule
- Customizable Accessibility