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Index Microfinance
Index Microfinance is an online loan management system that allows lending businesses to manage their borrowers, loans, repayments, and collections with ease while being affordable at the same time.
Intuitive & User-friendly
Most functions can be done in one or two clicks. The system has a simple and clear user interface, with best-practice workflows taking you through all core processes, and relevant data always at your fingertips.
Borrowers Management
The system enables the capture of personal information, unique identifiers, next of kin details, business information and much more. You can upload scanned photos or documents to a client’s account. You can also add your own custom fields.
Loans & Savings
This system has flexible loan and savings module which you can adjust or customize to suit your microfinance needs. Manageable fields include loan term, interest rate, repayment schedule, interest calculation method, charges and many other options. Loan approval process follows best microfinance standards
Accounting
You can configure your chart of accounts with GL codes and link them to loan or savings products and many other applicable areas. Some journal entries are automatic like loan disbursements while some can be added manually. You can find various accounting reports like trial balance, balance sheet and profit and loss accounts.
Reports
View and export high quality reports. Reports include borrower numbers, loan portfolio, arrears reports, savings reports, expected vs actual payments, collection sheets, provisioning and many more
Staff Management
Manage users with ease. Set permissions for each staff role and control what pages they can see. You can also set payroll for your staff. See audit trail to check what your staff has been doing.
KEY FEATURES
Borrowers
- Only First Name and Last Name required to create borrower
- Upload picture and files if any
- Add details such as DOB, Email, Mobile, and Address
- Send SMS and Email directly to Borrower
- Auto Send SMS and Email
- Add Loans
- Unlimited Borrowers can be added
Add Loan
To add loans, you first need to add a Loan Product which is where you set interest rates and other fields.
- Add Loan Products
- Choose from Flat Interest, Reducing Balance – Equal Installments, Reducing Balance – Equal Principal, Interest-Only loans
- Released Date, Amount, Interest %, Duration, and Repayment Cycle
- Set Grace Period
- Set Penalties for late repayment and after maturity date
- Set a different Interest Start Date
- First Repayment Date and First Repayment Amount can be manually set in Add Loan
- Add Loan Fees
- Add Loan Agreement files
- Unlimited Loans
Manage Loan
- View and print Loan Statement and Collection Schedule
- Add Repayment
- View Loan Terms and Files
- Add Comments
- Edit Collection Sheet
- Override Loan Due Amount
- Filter Loans
- Send bulk SMS to borrowers on the Daily Collection Sheet or the Overdue Loans Sheets.
Collateral Register
- Add Collateral
- Manage all Collateral in a Register
Expenses
- Add Expense
- Set Expense Type
- Upload Invoices and Receipts
- Set Recurring Expenses
- View and filter Expenses based on Expense Type
Payroll
- Add Payroll for your Staff
- Automatically Generate Payslips
- Choose Payroll Templates
- Edit Template Fields
- Set Recurring Payroll
- View and filter Payroll based on Staff name
Other Income
- Add Other Income
- Set Other Income Type
- Upload Files
- Download Receipts
- Set Recurring Other Income
- View and filter Other Income based on Other Income Type
Charts
- Loan Released Chart
- Loan Collections Chart
- Balance Sheet, Net Profit, Gross Profit, Expenses, and Payroll Charts
Reports
- Collection Report and Chart
- Cash Flow and Detailed Cash Flow
- Profit Loss Statement
- Balance Sheet
Users
- Add Staff and upload picture and files
- Set Staff Roles for each staff such as Cashier, Teller, Operations Manager, Collector, and Branch Manager
- Set permissions for each staff role and control what pages they can see
Custom Fields
- Add your own form fields to borrowers, loans, expenses, other income,collateral
Cron Jobs
- Configure the system to automatically send reports, remind borrowers or set penalties
The application has other features which you will see when you start using the system
