LOAN MANAGEMENT

INTRODUCTION

The AKILAAH platform is a sophisticated solution designed to streamline and optimize the management of loan portfolios within collaborative organizations. This platform leverages automation to handle critical tasks, ranging from member data tracking to the processing of loan applications and the ongoing monitoring of repayments.

1. Member Data Tracking:

AKILAAH simplifies the process of tracking member data, providing a centralized and organized database. This ensures that administrators have quick access to up-to-date information about each member's financial history and interactions with the organization.

2. Loan Application Processing:

The platform automates the loan application process, reducing the administrative burden on organizations. This includes application submission, verification of applicant information, and the initiation of the approval process.

3. Repayment Monitoring:

AKILAAH facilitates real-time monitoring of loan repayments, allowing organizations to track repayment schedules, identify any delays or missed payments, and take prompt actions to address issues.

4. Advanced Data Analysis:

Through advanced data analysis techniques, the platform ensures intelligent credit scoring. This involves assessing various factors, such as historical repayment patterns, financial behavior, and creditworthiness, to generate informed credit scores for each member.

5. Smart Credit Scoring:

Utilizing data analysis, the platform implements smart credit scoring methodologies. This ensures a thorough evaluation of creditworthiness, enabling organizations to make informed decisions when approving loans. The analytical approach enhances accuracy and precision in the credit assessment process.

6. Real-Time Monitoring:

Real-time monitoring is a key feature, providing organizations with instantaneous insights into their loan portfolios. This includes tracking the performance of individual loans, assessing overall portfolio health, and identifying potential risks or opportunities.

7. Efficiency Enhancement:

Automation within the AKILAAH platform enhances overall efficiency by reducing manual intervention in routine tasks. This allows administrators to focus on strategic decision-making and more complex aspects of portfolio management.

8. Error Minimization:

By automating processes, the platform minimizes the risk of human errors associated with manual data entry and processing. This contributes to the accuracy and reliability of the loan portfolio management system.

9. Instantaneous Insights:

The platform provides administrators with instantaneous insights into the organization's financial health. This enables quicker and more informed decision-making, particularly in terms of approving loans or managing potential risks.

10. Empowered Decision-Making:

AKILAAH empowers organizations with the tools and information needed for better decision-making in loan approvals and risk management. This is crucial for maintaining a healthy and sustainable loan portfolio.

11. Communication Tools:

Many instances of the AKILAAH platform include communication tools that facilitate transparent interactions between members and administrators. This fosters a collaborative financial environment, where communication is seamless and information is easily shared.

PRE-REQUISITE

1.During the onboarding process into Akilaah, it is crucial to select the Loan Module to enable your organisation to utilise its features. Ensure that you follow the onboarding steps provided by Akilaah to include the Loan Module in your organizational setup.2.Set up loan product in the setting to make it available for members.

1. Loan simulation

Members can use this feature to plan the loan they want by choosing details like how long it will last, the fees, charges, and other important factors

2. Request Loan

Members can formally request a loan using this feature. They initiate a loan request, specifying the type of loan they need, and the platform manages and organizes these requests for a more streamlined process

3. Make Payments

Enable members to manually clear their outstanding balances if they haven't enrolled in automatic direct debit. They have the flexibility to utilize various payment methods for this purpose.

4. Bulk Upload

This function is used to upload the loan schedule for members in the Akilaah platform. This includes details such as the loan taken, remaining loan balance, and the amount already repaid etc.

Reports within the Loan Module

Loan Summary: Overview of all active loans, including outstanding amounts and repayments statuses.
Repayment History Report: Detailed history of repayments made by members aiding in tracking and reconciliation.
Defaulted Loans Report: Identification and analysis of loans that have been defaulted, including relevant details.
Interest Accrual Report: Summary of interest accrued on active loans over a specific period.

TROUBLESHOOTING

Common Issues and Resolutions