When selecting a loan management software, it is important to consider several key factors, including
Its ability to manage various types of loans, such as personal, business, mortgage, and student loans, etc
The software should also have the capability to coordinate well with the loan origination software.
It should offer loan servicing features like disbursement, repayment, interest calculation, NPA management and set-up charges.
It should be able to facilitate debt collection activities such as reminders, notifications, and recovery actions.
The software should also be able to generate accurate and timely reports and statements for both lenders and borrowers.
It should be able to integrate with other systems and platforms like CRM, accounting, and payment gateways.
It should be able to maintain secure compliance with relevant regulations and standards.