Loan Management System Project Proposal free essay sample

All organizations whether large or small have a form of record(s) for their finances. Financial institutions are organizations that offer money lending services to people and business organizations have written records of their clients. A loan management system is a database management system used to automate the loan services of financial institutions. It serves the purpose of easy file retrieval and entry. The automation of loan services not only provides secure services of the loan details to the customer and the organization but also serves the organization huge sums of money that would have been spent on stationary in a case where a file system is used. In short the system will enable money lending organizations to provide good customer relations by being able to preserve the integrity of the loan details, to enable easy file access and retrieval and increase security on customer details. This project is concerned with the design, development and implementation of a database that will enable money lending organizations to record the lending of money, proposed period of servicing the loan, reasons for borrowing, customer details and generating reports about loans. We will write a custom essay sample on Loan Management System Project Proposal or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 1. 1 Problem statement The managing of huge data effectively and efficiently for efficient results, storing of confidential information such as the customers details and the loan details, in such a way that the database can be modified proves to be cumbersome. High costs spent on stationary for the loan application forms * The system is error prone. * It is easy to temper with the files with the current system. * Lack of properly integrated system to capture customer details and loan application details at the same time. * Either no reports generating in the current system or they are generated with great difficulty. Reports take time to generate in the current system. 1. 2 Needs statement The majority of money lending institutions are faced problems of high costs in stationary for loan application forms, there are errors when the forms are being filled in which leads to wastage of paper. Loan files easily go missing and the security of the files at a high potential risk as they can be easily altered or stolen. The organization requires an integrated system that will enable agents to capture data both customer details and loan application details with ease. The feasibility study was carried out to test whether the proposed system is worth being implemented. Feasibility study is a test of system proposed regarding its work ability, its impact on the organization ability to meet user needs and effective use of resources. It is usually carried out by a small number of people who are familiar with the information system techniques, understand the part of the business or organization that will be involved or effected by the project and are skilled in the system analysis and design process. . 3 Objectives * Investigate the loan services of microfinance organizations. * Produce system requirements specification. * Design and develop the proposed system * Implement a loan management system that will hold information to enable money lending institutions become more efficient. * Production of user documentation and technical documentation. 1. 4 PROPOSED TECHNICAL APPROACH * * * *