Project information

• Category: Loan Management System
• Client: Manyatta BodaBoda Sacco
• Project date: 24 July, 2020
• Project link: BodaBoda Sacco

The Loan Management System stores loan data for lending company which brings in efficiency in monitoring loan transactions. The admin will populate the list of borrowers, type of loans and the loan plans that will be used for determining and filtering the loan requests and active loans. The system has the ability to calculate the monthly payment amount depending on loan plans. In this module the admin will only choose the desired plan and desired amount of the borrower. After that, the admin can simply click the calculate button to view the monthly payment amount, total amount payable (this includes the interest), and monthly penalty amount for over dues. A new loan will be saved by default as an application or for approval loan status, then the management will review the details of the borrower's loan application and will update the application status to approved or denied. For an approved loan application, the staff and the borrower will wait for the scheduled release date of the loan and when the scheduled date comes the staff will update the loan status to release status.At this point, the monthly due schedules of the loan will be generated in the system after the release date of the loan to the borrower. The system will also detect if the borrower made paymnents after the due date on his/her loan and the total payable amount including the penalty amount will be displayed on the new payment form for the reference of the staff and the borrowers.