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.
Cooperative Society Software Video for Loan Management
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.
Watch More Videos
Explore additional features of SNS Credit Co-operative Society Software through our other videos: