Article- Important Modules of credit society software for credit society company

Important Modules of credit society
software for credit society company
Credit Cooperative societies are the future because of their potential
and the ability to help the weaker areas which are often been ignored.
They take it seriously to give what the people deserve with the help of
voluntary association.
Generally, a credit cooperative society is a business which works for the
help and development of the members. The control of the whole
society is equally divided into the members, which means that every
member of the society has equal rights. These societies provide
different types of services to members related to finance, electricity,
insurance etc.
The members of the society can lend loans from the society with
reasonable and low-interest rates. They can do other activities too
which the society provides.
The credit society companies are continuously looking forward to
upgrading their technical features. These societies have expanded
themselves in various states, villages, towns and cities. This is making
them stronger and more trustworthy among the people; this is why the
member count is increasing every day. With the advancements in the
technology, credit societies have been actively promoting them by
using them. The credit cooperative society software is a type of
software which takes care of all the activities and operations of society
in a very convenient way. This software allows the user to access,
modify and show the details of the society.
There are many developers who are taking part in this revolution and
developing software to manage the credit society. Every developer has
their own goals of creating the software but since they are developing it
for the credit society companies, they have to take care of some
important modules. These modules are the basic parts of any credit
society. They are necessary to be included in the software to make it
fully functional.
Here are the most important modules which should be integrated into
the software:
 Member Management
Members are the backbones of any credit cooperative society.
They equally contribute their own parts to build the society. The
society in return helps them in need in form of money or other
The member management is the most important module of credit
society software; it contains the basic details about the members.
Different types of operations can be done on the member’s
It should contain facilities to register the new member or if
someone wants to leave the society then a resignation option is
also needed. Member’s documents should be kept securely.
Reports are also generated by the member’s information.
 Loan Management system
Credit society works mostly in lending loans and advances to the
members. So, this section is a must. The software should allow
the user to add multiple types of loans. An interest calculator
should also be implemented to instantly get the interest value.
The information about daily installments should be included.
There may be other features like loan ledger, printing of vouchers,
audit reports etc. Loan reports are also necessary to be generated
so this option is a must too.
 Fixed Deposit
A credit cooperative society company has the facility of fixed
deposit for their members. This option is also important in the
software as it contains all the information of the simple FD. This
also works as a Fixed Deposit software. The renewal and closure
of the FD are also mentioned in it. The double scheme option is
also integrated for the members who want to reinvest. The
several FD related reports are also created under this module.
 Saving
The module of the software also manages deposit accounts. It
allows the members to check the information of deposit and
withdrawal in the saving accounts. It shows the saving policy
which is applied to all the members equally. The interest
calculator is also present here. Several types of reports are
 Daily Deposit
It includes the details of the agent commission which is given to
the agents of the society. Members can deposit and withdraw
from the deposit. Interest will be calculated automatically. The
ledgers are also maintained here.
All these modules make the credit cooperative society software a
complete package that can efficiently manage the entire functioning of
credit society.