November 27, 2017
In a typical loan structure, there are two key parties involved – a lender (who provides the loan at a cost) and a borrower (who takes the loan). The two parts of a loan are the principal (actual amount borrowed) and interest on the debt (the cost to give the loan).
A legal loan agreement factors in a lot of obligations and restrictions. As the network of lenders and borrowers increase, the complexities associated with the paperwork and management of contract too increases substantially. This is precisely where a good loan management application comes to the fore to manage these contractual obligations in an efficient manner.
Based on our extensive experience servicing the finance domain, we feel the below features are essential for any good loan management app-
1) A robust accounting software
These include modules like accounts payable, accounts receivable, ledger
It also includes interactive reporting, dashboard, search, and filtering options
2) Loan-specific features
Loan creation, different types of loan, monthly installment calculations, and document management at all stages of the contractual period.
Pragmatic had designed, developed, and deployed an Odoo-based comprehensive loan management application. Our fully loaded loan management app includes features like managing different types of loan, different calculation mode, borrowed & issued loans, loans with installment repayments with accounting entries, annual repayment, possibilities for entering special repayments and many more features.