NGO Loan software

NGOs: An Overview

NGO loan software offers custom-made group loan product with integrated accounting & reporting module. NGOs are private organizations which are characterized primarily by their humanitarian or cooperative approach to promote the welfare of the society and the underprivileged without expecting commercial welfare. Being a subset of the nonprofit sector, they pursue activities to relieve the hardships of the poor, promote their well-being, protect the environment, and undertake the development of a community.

NGOs tend to concentrate their activities based on their thematic, social and geographical priorities ranging from poverty alleviation, women empowerment, the health of a community, housing facilities, human rights, natural resources preservation, water, sanitation, education and other range of socio-economic issues.

They play a crucial role in ensuring the economic prosperity of our nation by serving the underprivileged. They aspire to harness the potential hidden within the rural roots of our country through a slew of financial services aimed at bringing about changes in the living conditions of the downtrodden.

NGOs promote, organize and facilitate the development of Self-Help Groups (SHGs) and Joint Liability Groups (JLGs) to make them self-reliant and proactive to sustain in the fast-paced world. NGOs create awareness among the poor people about the benefits they procure by forming self-sustainable credit communities.

They help the women organize and form exclusive groups, frame a set of rules and regulations to manage the group, encourage the selection of leaders for the group, ingrain the habit of saving among the group members and even help them in the process of opening a bank account.

Challenges faced by NGOs

Limited funds for IT Infrastructure

NGOs often tend to run into difficulties in obtaining adequate, and continuous funds to take care of their day-to-day operations. Due to this, they’ve to resort to splitting whatever limited resources they’ve across their long list of provisions. As a result, they’ve trouble allotting sufficient funds towards the IT expenditure required to streamline their loan portfolio. Managing a huge chunk of loan accounts on spreadsheets has the potential to turn out to be an accounting nightmare.

The Scalability Factor

The problem with NGOs when they start expanding their operations across towns is scalability, the expenditure constraints which led them to choose an enterprise solution might come at a disadvantage when thing start to get complex. Without the presence of a scalable solution that is capable of helping the organisation expand their operations with appropriate technology, the transition would be nothing short of a nightmare.

Frequently Changing Regulatory Compliance

As several NGOs take a “Hardware approach” to development by focusing on building the infrastructure instead of empowering their organization and staff members, they might end up running into trouble when they attempt to tackle the changing aid paradigm. The lack of sustainability measures could make it harder for NGOs to cope up with the ever-changing regulations and make it difficult for them to comply with the constantly changing norms.

Geographical Location

Several NGOs are located in remote locations near the communities they cater to. However, since most of the NGOs concentrate on the rural poor, the connectivity issues might make it hard for the loan officers to remain productive. The crucial tasks such as onboarding customers through loan applications from villagers, rerouting them to the NGO, conducting an effective on-field investigation, and taking care of collections could become more complex and tedious.

All these challenges can be overcome by NGO loan software like CloudBankIN, which is a prominent loan software used by top lending institutions around the world.

CloudBankIN - A Supreme NGO Loan Software

CloudBankIN is a one-stop solution which was designed with the purpose of sorting out the operational challenges by instilling automation in the workflow of NGOs that is the NGO loan software. CloudBankIN offers the NGO loan software, an optimum work environment with its huge list of intensive features:

Our unified banking solution could help even the not-so-technically aligned staff members of the NGOs to configure several loan products. The flexible nature of our software gives the NGOs a choice to either go with our huge line of predefined loan products or customize the default ones to meet their needs.

CloudBankIN, world-class NGO Loan software and JLG Loan Software offers custom-made group loan product with integrated accounting & reporting module. Our built-in accounting system eliminates the need for a separate accounting software and offers NGOs real-time accounting modules which inject more transparency into their day-to-day operations, reducing redundancy in the workflow.

CloudBankIN offers NGO loan software for Group loans such as SHG and JLG loan, these exclusive elements reduce the operational complexities by helping the NGOs even store relevant loan documents of every member of a Group effortlessly using our intuitive document management system.

Features

Workflow Automation

Interactive Dashboard

Unified Solution

100+ In-built Reports

Multilingual

Multi-Channel Solution

Benefits

Reduced Processing Time
Simplified User-Interface
Scalable Product Architecture
Nominal Pricing Model
Seamless Third-Party Integration
Intelligent Reporting Engine

Loan Lifecycle Management

Loan Origination System

NGOs mostly offer Group loans and majority of their borrowers are not tech-savvy. This would mean that most of the loan application would be paper-based submitted directly in person. Processing a large chunk of manual documents, storing them and forwarding them to the next stage for approval might turn out to be a rather tedious and time-consuming process. CloudBankIN eases down that process by offering the NGOs to onboard a customer through various options like web portal, mobile app and manual bulk upload option for offline applications.

CloudBankIN has the efficiency to fetch all relevant borrower information through these interfaces and store them in its cloud to streamline the application process.

Bulk Upload Loan Application
Auto Fetch Details

Loan Management System

CloudBankIN being a cloud-optimized loan management systems makes the process of storing, retrieving, monitoring and tracking all relevant loan documents a relatively easy task. Be it information about a specific group or a complete profile of a particular person of a Group, it could retrieve in a click of a mouse using the user-friendly robust document management system.

CloudBankIN would reduce the operational complexities associated with the loan products like SHG and JLG loans with its tailor-made exclusive module for Group loans and its intuitive Document Management System (DMS).

Detailed Amortisation Schedule
Configurable Loan Products
End-to-End Loan Management System

Collection Management System

Our brilliant collection management system is designed in such a way to lessen the workload of collection officers making the collection process completely hassle-free. Equipped with CloudBankIN Mobile App the collection Agents could update the status of a loan repayment within seconds. Since our mobile app is integrated with the core banking system, the updated repayment reflects immediately on the Borrower’s account.

Other than replacing the collection sheet, CloudBankIN could also assist the loan officers in educating the customers about the former repayments, outstanding payments, repayment schedule, etc..

Detailed Collection Sheets
Instant Collection Updates

Accounting Management System

CloudBankIN eliminates the need for a traditional accounting software with its inbuilt core banking system which comes with a backend accounting module. An NGO could use all the functionalities of an accounting software right in the core banking application.

CloudBankIN is much more than a standard chart of accounts, it is a world-class accounting management system which is completely integrated with other loan modules like Collection Management System ensures that every repayment is mapped in such a way that it reflects immediately on the balance sheet and P&L statement. The real-time updates would help NGOs improve their cash management.

Real-time Accounting Entries
Fund Mapping

Reports and Dashboards

NGOs could obtain an in-depth insight on their performance by just taking a look at our interactive dashboard. Our impressive reporting module will shed light on areas where the organization needs to focus immediately. Our engineers have tailor-made 100+ reports exclusively for NGOs to garner the key performance metrics within a matter of seconds. The predefined reports could be customized to derive required insights from the data available below.