General Understanding of Non-Banking Financial Company Software

NBFC is a rapidly growing all over the world today and so is the demand for its software. In order to understand the functionality and operations of the NBFC software, we need to first understand the concept of NBFC.

What is NBFC?

Non-Banking Financial Company i.e., NBFC is registered in India under the Companies Act, 1956. It is engaged in all types of businesses entailing functions like the acquisition of shares, lending, stock, advances, bonds, and hire-purchase insurance business or chit system to the public. However, it does not involve any institution whose core business includes industrial or agricultural activities or the construction, sale or purchase of any immovable property. The working and operations of NBFCs are regulated by the RBI. This is done within the framework of the Reserve Bank of India Act, 1934; Chapter III – B and the directions issued by it. As per the new norms, NBFC cannot outsource core management functions like internal audit, management of investment portfolio, strategic and compliance functions from know your customer’ (KYC) norms and sanction of loans.

What is Non-Banking Financial Company Software?

NBFC Software is an especially built software for NBFC's to carry out their functioning smoothly. It is a simplified form of banking software, as it does not include all of the banking features. This software is today known to be a complete solution for any finance company. It is available as both; Cloud-based as well as Web-based. Cloud-based software is known to be one of the best choices of finance software as it helps one to manage NBFC business & Loan including Customer EMI reminders via E-mails and messages using auto EMI bouncing apps, app alerts, as well as, recovery SMS. The main function of the web-based software is that it is well capable of taking payments online so one can spread its NBFC business across the world.

Features associated with the Software

As NBFC is growing rapidly across the world in today’s era, several companies have jumped in the competition to gain an advantage for them selves. NBFC's, i.e., Non-Banking Financial Companies play an important role in the sociol-economic growth of the nation by promoting Financial Inclusion. Over the last decade, the NBFC sector has been growing leaps and bounds. This came after the realization slammed regarding the fruitfulness of the NBFC sector. With the growing importance, increases the innovations, and thus, amplifies the business, and that’s the reason for the birth of NBFC software.

The following are the most key prime features of the software :

• User-Friendly (as it is open for customization as per the requirement of the customer i.e. NBFC)
• Loan management system
• Easy Installments’ deposition and much more.
• Miscellaneous Fees
• Important Reports for Non-Banking Financial Companies Software viz.,
• Agent Commission Statement
• Policy Allotment
• Monthly Statement
• Loan Payments
• Installments Deposition
• Upcoming Due Installments

All the software companies involved in the development of this particular software goes through a vast research process in order to build a satisfactory, as well as, user-friendly software, which makes it easier for the finance company to carry out their business smoothly.

We provide absolutely protected internet-based Loan Management software system, i.e., used for all variety of Loans’ seekers. It helps in simply producing a Paperless Loan File and manage any for authenticating online, we tend to cover the whole life cycle of a loan Management system such as, File process, file documentation, Loan Product definition, calculation of loan as per the quantity, Billing, Loan Accounts processing, legal procedures, as well as, termination. We avail our clients with the best of document management services that can be used for all the Loan firms.

Banks, as well as, NBFC's (Non-banking financial companies), both do function to provide almost similar solutions to their clients. The biggest difference between the functioning of Banks and NBFC's is that a bank can issue DDs (Demand Drafts), and self-drawn cheques. While, NBFC cannot do the same on contrary. For better understanding, you can also proceed to have a demo of this software.

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Kamini is a technical content writer and freelance blogger. She writes for wide range of topics in technology, currently she is writing on Mlm Software India.