Microfinance software is a kind of accounting and banking application that is work for financial purpose. It is a best loan management solution and there are updates on this Software according to the new needs which arise in software for microfinance companies. We are one of the leading software development companies offering the best microfinance software at cost-effective price in India. Since 2007, we have been being financial software development and distribution. Micro finance software is a specialized type of software designed to assist microfinance institutions (MFIs). It managing their operations and providing financial services to low-income individuals and small businesses.
Now managing all kind of MFIs based financial operations with Microfinance Banking Software. It helps automate various processes including loan management, client data management, accounting and reporting. Microfinance software prioritizes data security and compliance with industry regulations. The lending process is now quick and hassle-free. Clients can repay you by using various kinds of payment gateway and modules.
Microfinance is a type of monetary organization (Banking or non-Banking) that provides financial services and support to poor individuals, small companies, startup businesses, etc. It is also called ‘Microcredit’ or ‘Microloan’ services. This financial organization generally provides finance-related solutions to those who do not have the opportunity to get the same from the predominant financial organizations (Banks).
Two people are regarded as the pioneer of microcredit systems – Muhammad Yunus from Bangladesh and AI Whittaker from the USA. Muhammad Yunus started the Grameen Bank in 1976, Bangladesh. The bank was involved in giving microloans to the poor people in Bangladesh. He was awarded Nobel Prize in 2006 for his contribution to the microfinance concept. AI Whittaker helped to popularize the concept of microfinance in the world.
Microfinance Software includes the following services:
Micro loans are significant as people don’t need to provide any collateral against loans. The end result of microloans should have be to its recipients outgrow smaller loans as per their requirements.
Micro savings accounts grant businesspersons to operate their savings accounts with no minimum balance. These accounts help users indoctrinate financial regulations and develop an interest for savings.
Micro insurance is a type of coverage provided to the borrowers of microloans. These insurance plans have lower premiums as compared with the conventional insurance policies.
We all know that the modern businesses of today use one or multiple kinds of business software to manage their daily business activities. It is very essential to use the software in the financial business also. You cannot find a single banking or finance-related
organization that doesn’t use financial software in its operations.
Keeping a close eye on the business is essential to keep it going. Without a close watch, no business can survive. Microfinance business is not too complex like banking. There are accounts deposits, loans, recovery, clients and employees management-related processes that need to take care of. Without proper microfinance management software none can manage all these aspects by themselves.
On the other hand, if you have the microfinance software free download, then you can manage all those convoluted forms of your financial business. It does not matter if you are running a small organization or large – an advanced micro-credit software you must consider. With it, you will be able to track and manage your assets, general and business accounting, funds, and data, etc.
The cost of Microfinance Software in India is economical; hence there would be no pressure on your budget. It is a most affordable application for Microlending that is available in India. No other company can offer what we provide to your MFI.
The borrowers of Microloans usually come from low income backgrounds.
Microfinance loans are generally low amount loans – ₹100,000 to ₹200,000.
The tenure of micro-loans generally comes with 12 to 24 months period.
You do not need to submit any collateral against Micro Finance loans.
These loans are usually recompensed at higher regularity.
The aspiration of microfinance loans is to generate income.
Joint Liability Group Loan is the best option as it does not put too much burden for repayment and guide them through their business ambitions. This framework assists you take a loan in an association or group. The lending apparatus grants a group of
individuals - known as the solidarity group to provide collateral or loan guarantee through a group repayment pledge. Joint Liability Group Loan is excellent for meeting personal and business commitments in an association so that
the liability is branched.
It results in sustainability and betterment of livelihood for everyone in the association. Financials Group Loan is quite simple and all-purpose emergency loan offered to the employees of a company for a period of up to 12-24 months. The group loan offers Rs. 15,000 to Rs. 1, 00,000 amounts range. 15,000 to Rs. 1, 00,000. The stimulus to repay the loan is based on associate’s burden, if one group member is unable to pay, the other group members need to make up the payment amount.
Microfinance, whiich is popularly known as micro-credit, is a distinct type of banking service that are provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services. There
are two types of Micro Finance loans available – 1. Group Loan and 2. Individual Loan. In microfinance, group loans are aimed at very low-income business persons with the small enterprises, where the group members provide a guarantee
for each member of the group.
Group Loan through Microfinance policy has become a very popular practice in numerous developing countries like India, Bangladesh, Thailand and many African nations. Here people don’t need to apply for loan individually. Instead they organize themselves as the self-help group and take the loan. This loan product in Microfinance is meant to provide working capital to micro entrepreneurs with small businesses that are usually unregistered and rely on group guarantor ship as substitute for collateral. All group members are responsible for repayment. Microfinance Group loan is devised for micro-entrepreneurs, labour class, women & farmers who are living in urban and rural areas.
India is able to develop its own form of Microfinance Company in the form of savings and credit groups. These are known as the Self Help Group (SHGs) and they are linked with the banking system. These groups (SGH) are mainly organized and supervised by women. This has become a very popular and well regarded apparatus that has led to women's empowerment and social change.
Our Company offers custom software development for Microfinance Group Loans management. The features of Microfinance Software would allow any MFI to deal with individual and Self-Help group loans. Managing credits were never that easy until we have arrived in this industry.
Microfinance software is designed to work seamlessly with Micro-Finance Institutions of all sizes to facilitate centralized and efficient delivery of services.
Microcredit software covers sustained efficacy in a standalone system including the commencement of loan, underwriting, collection, and reporting.
Microfinance Banking software speeds up “Cut-Off Timing” and eliminates insecure manual processes in favor of smooth and automated workflows.
Microfinance Loan software introduces a Core Banking System which delivers high performance and top reliability to the financial organization.
Microfinance management software reduced cost, being in the cloud means banks do not have to invest heavily in dedicated hardware, software and related manpower. Updating the areas of IT infrastructure has becomes much easier. These things can be done by skilled workers remotely, rather than having to visit each branch in person.
Microcredit system software introduces intuitive Graphical User Interface (GUI), guided proceedings, and energetic coverage functionality to optimize the whole workflow process. This is one of the best ways to meet the demanding requirements of a microfinance institution to serve their clients and facilitates the refined loan process.
Microfinance loan management software legitimizes the MFIs and NBFCs to strengthen their product offerings and improve the customer base. Microfinance products are beyond conventional small loans. The company may also other financial products like group savings, individual savings, etc. via its effective cooperative platform.
Software for Microfinance will make sure that the entire client's detail has been acquired accurately.
GTech's online Microfinance software price is affordable and comes with a very high level of automation.
Our Microcredit management software is designed to cover all the activities that are done at the branch level.
With Microfinance software you can track all the loans given and calculate their interest rates easily.
Microfinance credit management software Improves efficiency, using a cloud system requires your core banking applications and processes to be standardized. It ensures that the technology and business operations can be much more closely aligned.
Cloud banking provides MFIs the capacity to respond quickly to the changing market scenario. They can scale up and scale down technologies according to their requirement. The ability to respond quickly provides a real competitive advantage over the others.
Microfinance Loan software is secure and optimized to deliver rich user experience.
Microfinance lending software increased reach of operations with lower turnaround time.
The price of Microfinance software is inexpensive and it reduces operational costs.
This system can meet your business demands in an ever-changing loan market.