Cooperative Society Software Video for Loan Management
- How Loan Management works in a Credit co-operative society?
- How SNS system developed Loan Management module for society software?
- Any member who is registered with society can avail loan facility. Only registered members can approach society for a loan. Non-members cannot approach society for a loan.
- Member can avail loan for various purposes such as Home, Vehicle, Personal, and Business etc.
- SNS loan management process works in three steps 1) Society creates a loan request in which get all the information from member. 2) Society verifies all provided information and check for suitability for requested loan. If everything is fine then authority approves the loan. 3) Society disburses the approved loan amount to member through cheque, NEFT etc.
- Loan EMI is second part of loan management. Once member gets loan, he/she needs to repay to society as EMI periodically.
- Loan pre-closing: Member has taken a loan for a certain period and if member wants to close loan before allotted time then he / she can do as a pre-closing of loan.
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Simplifying the Loan Process for Your Members
This video provides a detailed explanation of the Loan Management Module in SNS Credit Co-operative Society Software. It demonstrates how loans are managed within a cooperative society, from application to repayment, ensuring transparency, accuracy, and convenience for both the society and its members.
How Loan Management Works in a Co-operative Society
Only registered members of the society can apply for a loan. Non-members are not eligible to avail this facility. Loans can be granted for multiple purposes including home, vehicle, personal, or business needs.
SNS Loan Management Process
The SNS Loan Management module is developed to streamline the entire loan lifecycle. The process follows three key steps:
Loan Request Creation:
The society collects all necessary details from the member applying for a loan.
Verification & Approval:
The provided information is verified, and if the member qualifies, the loan is approved by the authority.
Loan Disbursement:
The approved loan amount is disbursed to the member through cheque, NEFT, or other payment modes.
Loan Repayment & EMI Management
Once the loan is disbursed, members are required to repay in Equated Monthly Installments (EMIs). The software automates EMI tracking, reminders, and balance updates, reducing manual errors and improving efficiency.
Loan Pre-Closing Facility
If a member wishes to repay the loan before the allotted period, the software supports loan pre-closure options, giving flexibility and control to members while keeping records updated for the society.
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