Loan Management System - Description
Our Loan Management System is a robust and user-friendly platform designed to streamline the entire loan lifecycle, from application to repayment. Built using Laravel 11, the system provides an efficient and automated way to manage loans, track repayments, handle overdue penalties, and generate financial reports.
Key Features:
1. Loan Application & Approval Process
- Users can apply for loans by selecting a collateral account and specifying the loan amount.
- Admins can review applications and approve, reject, or request additional information.
- Notifications are sent via SMS & Email upon loan application, approval, or rejection.
2. Loan Repayment Scheduling
- The system automatically generates a loan repayment schedule upon approval, based on the loan amount, repayment frequency, and interest rate.
- Supports multiple repayment plans: Monthly, Weekly, Bi-Weekly, Quarterly, and Annually.
- Users can track their upcoming payments and due dates.
3. Overdue Loan Management & Penalties
- Late payment penalties are automatically added based on the penalty rate (%) stored in the loan details.
- The system calculates the number of overdue days and applies penalties accordingly.
- Users receive email & SMS reminders for overdue loans every 3 days.
4. Interest Calculation & Accrual
- Interest is calculated based on the loan's repayment frequency and added to the total outstanding balance.
- The system supports fixed-rate and reducing balance interest calculations.
5. Multiple Currency Support
- Users can take loans in different currencies, and the system automatically converts all transactions to UGX for uniform reporting.
- Exchange rates are dynamically applied based on the latest conversion rates.
6. Payment Methods Integration
- Deposits and withdrawals can be processed through PayPal, Stripe, Flutterwave, and other payment gateways.
- Users are notified upon successful deposits and withdrawals.
7. Financial & Performance Reports
- Loan Portfolio Summary: Tracks all loans, approved amounts, and outstanding balances.
- Revenue & Profit Analytics: Summarizes earnings from loan interest, penalties, and other revenue streams.
- Member Account Summaries: Displays savings balances and loan activities for each user.
8. Notifications & Alerts
- Automated notifications for loan approvals, due dates, overdue loans, deposits, and withdrawals.
- Admins can configure custom message templates for email and SMS alerts.
- Users receive reminders 3 days before loan repayment dates.
9. Role-Based Access Control
- Admins manage loans, set interest rates, and approve transactions.
- Users can view their loan status, repayment schedules, and transaction history.
10. Secure & Scalable
- Uses Laravel Sanctum for API authentication.
- Data is encrypted and secured with role-based access control.
- Supports multi-tenancy for different financial institutions.
