A complete, integrated, adaptable, state-of-the-art solution, NBFC Software is created to manage the entire loan lifecycle. It helps users to quickly develop customized products and automate corporate procedures, increasing overall operational effectiveness.
Non-Banking Financial Companies (NBFCs) are essential to the socioeconomic development of the country. NBFC Software is used to manage all loan-related activities for NBFCs. The best NBFC software available, trusted by the world’s top non-banking financial institutions designed specifically for NBFIs Full lending solution. With its business model centered on providing credit to the unbanked parts of society, they have become an essential component of the financial landscape in developing countries.
Micro, small, and medium-sized firms (MSMEs) now have access to the virtue of credit, which has helped these breeding grounds for innovation and entrepreneurship survive the current financial crisis. The NBFC industry has seen rapid growth during the past ten years. Through their contributions to the nation’s economic expansion, they have written a fantastic success story. But it had not been an easy road to success.
Despite its exponential expansion, they have seen quite a few brief setbacks. Although the minor operational hitches at first appeared to be of no consequence, over time they began to grow into enormous issues that are impeding their path to success.
In order to tailor their products to the needs of potential customers and keep ahead of the most modern competitors, NBFCs require a deep understanding of their customer’s profiles. These will be completed by NBFC software’s cutting-edge technology.
Benefits of NBFC Software
Security and Transparency: For NBFCs, security and transparency are always top priorities. By encrypting databases at a high level, NBFC software manages databases to maintain security. Customers have access to their accounts, and the administrator controls which user groups have access to which data in the software. Customers can only access their accounts after having their passwords verified. The program makes operations transparent and is simple to implement.
Strong system: NBFC Software’s strong features allow it to manage complex databases with ease. The software makes it simple to export reports in Excel, Word, or PDF formats for later use. With NBFC software, loan EMI calculations are also simplified and made more precise.
Customization: Software for NBFCs can be modified to meet the needs of the individual user. In addition, the program allows you the option of expanding the system with new capabilities as the business grows its offerings. The availability of personalized mobile applications increases the client’s access to services. The likelihood of NBFC expansion is increased by the use of mobile apps and other technical developments in the NBFC industry.
Simple to use: NBFCs can access their software from any location. As a web-based real-time system, it speeds up reaction times and provides immediate services. Customers receive emails and SMS reminders regarding the due dates. Customers have immediate access to the software’s multi-user system because of this.
Feature of NBFC Software
Software Servicing Activities
- Management of employees.
- Branch management with several.
- Management of EMI collections.
- Loans with adjustable rates.
- Escrow and Impound; Accounting for taxes and insurance.
- Investor involvement
- Reporting, servicing, and tracking.
- Application to verify eligibility is entirely online.
- Calculating an EMI.
- Credit evaluation
- System for managing documents (Customer Master data, document, file).
- API Integration for CIBIL.
- Business management policies.
- Approval Process.
- Complete administration of payments.
- Automated collecting of EMI (ESC, Recovery & Follow-ups).
- Alert for the due date (automatic SMS/CALL).
Business intelligence tools
- View Agent.
- View Customer.
- Branch Collection Report.
- Branch Business Report.
- Enrollment Fee Report.
- Application Fee Report.
Documents required for NBFC Software
The following documents have to be provided for NBFC software:
- KYC documents
- Self Identification documentation- Aadhaar Document
- In case of a company Certificate of Incorporation
- Memorandum of Association and Articles of Association