Automated Loan Computation of SESFA
- Word count: 437
- Category: Money
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Reasons for choice of project:
SESFA’s existing system is all about manual process. Upon registration of client and members, they manually register through different forms; copies of different ID for validation go along with this process. This is the first reason for choice of subject, we want to propose a system where we can limit the redundancy of filling up forms and ID numbers can be used for the validation process. SESFA is a loan cooperative business where members can invest their money and with the help of client applications, their funds can grow through client’s loan interests. As members of SESFA, they can also loan money and pay 3% interest, unlike clients who pay 10% interest. This is another reason for choice of subject, we want to introduce an automated system where client and members can view their existing loan status on SESFA. A hassle-free process that limits the activity of admin such as looking through files, manually computing of loan records and date of payment for every client or member’s status.
Importance of the study:
This study will be a significant endeavor in promoting effectiveness of loan management for small companies. With the promotion of a user friendly interface for beneficiaries, they can easily register, view status and will have an immediate idea of the amount of loan they can get and can adjust with payments as they can also view their payment dates.
The study will also benefit the future researcher and IT education, they will have an overview on how a loan management system works, they can explore even more on the system and make adjustments as other programming languages grows.
Client and Member of SESFA
SESFA’s existing system is mainly for the client and member’s loan status, updates on every loan record depends on the application of a member or client. With the scope of the proposed system, it will give accuracy and convenience to client and members as they view their loan status and records without making appointments, waiting in line for different requests and the cost for forms such as membership and loan applications will be reduced as they will register on the proposed system as well.
From the existing system of SESFA wherein they manually record member/client’s information and loan computation, our proposed system will have a more organized and updated feature such as user login with status display, ID verification upon registration and automated loan computation. Unique ID for every member and client for separate database and for the particular terms and conditions for loan application