Abstract
The system mainly deals with the automation of the activities performed at Andhra Pradesh State Finance Corporation (APSFC), which issued various kinds of loans to their Customers and accepts monthly installments from them.
All the master information is gathered pertaining to the employees working in the organization, Industries to whom the loans are issued. Different types of loans available are designed and the interest rates applicable are set in the master tables.
Initially after registering the customer, loan is sanctioned according to his requirement and eligibility. Details of a particular loan are gathered such as loan number, customer number, loan code, amount, interest, and number of months, monthly installment and date of sanction.
When the Industries pay the loan installments, details of loan number, payment id, amount and date of payment are gathered and stored.
Simply choosing the appropriate menus such as Employee details report, Customer details report, generates various reports, Loans detail report, Interest report, Customer-loan details report & Payment details report.
The system security is taken care of by a login form, which is allows only authorized users to utilize the system.
The main aim/objective is to develop an effective system, which is fast, accurate, consistent, reliable, and flexible enough so that it can accommodate any further expansion.
Existing System
As the number of customers is high and the risk involved in the transactions due to huge amount involved, the manual system was considered to be inefficient due to huge amount involved, the manual system was considered to be inefficient due to the volume of errors & lesser security
When a loan is sanctioned to a customer, calculation of monthly installment is done manually in old system, which may result in wrong monthly installments. Where as in the automated system, it is exactly calculated according to the number of months and the interest rates applicable.
Therefore the problems in the current system have forced the firm to automate it by developing a software package, which would reduce their problems Also payments from the customers is difficult to maintain which is could be made easier in the computerized package in which simply by entering the loan number all the other information is displayed and increase the efficiency
Proposed System
Repayment of loans installments is done by the Industries through cash, but in future payments through credit cards, automatic transfer of money from bank accounts, demand drafts etc., could be added to the existing system with out much difficulty.
The system does not handle the loan recovery form the defaulters who fail to pay the loan installments, which could be done in future expansions.
Presently scrutiny of application forms and eligibility criteria for sanction of loans is done manually but it can be included in the system easily.
Backup facility is not provided in the present system but in future it could be easily coupled with the present system.
The system does not consider prepayment of loan amount by the customer and hence do not impose any surcharge for prepayment. But it could be added to the system’s functionality.
SOFTWARE REQUIREMENTS:
• Web Technologies : HTML, CSS, JS. JSP
• Programming Language : Java
• Database Connectivity : JDBC
• Backend Database : MySQL
• Operating System : Windows 08/10
HARDWARE REQUIREMENTS:
• Pentium processor : Core I3
• RAM Capacity : 2GB
• Hard Disk : 250GB
• Monitor : 15’’ Color Monitor
