This video explains about Loan management module of Credit Co-operative Society. Video has following important information:
- 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.