Functional requirements of Loan Management System with non-functional

Functional Requirements

1. User Authentication and Authorization
   • Users (e.g., loan officers, borrowers, administrators) should be able to log in securely.
   • Different roles should have access to specific functionalities based on their permissions.
2. Loan Application Management
   • Allow borrowers to apply for loans, including submitting required documents and personal information.
   • Provide an interface for loan officers to review, approve, or reject applications.
3. Loan Processing
   • Process approved loan applications, including disbursement of funds.
   • Manage loan terms, interest rates, and repayment schedules.
4. Payment Management
   • Track and manage loan repayments, including partial and full payments.
   • Calculate and apply interest on outstanding balances.
   • Generate receipts and update loan balances accordingly.
5. Account Management
   • Maintain borrower profiles, including personal information, loan history, and payment status.
   • Provide functionality for borrowers to view their loan details and payment history.
6. Credit Risk Assessment
   • Evaluate borrower creditworthiness based on criteria like credit score, income, and loan history.
   • Provide tools for assessing risk and determining loan eligibility.
7. Document Management
   • Store and manage documents related to loan applications, agreements, and payment receipts.
   • Ensure secure access and retrieval of documents.
8. Reporting and Analytics
   • Generate reports on loan portfolio performance, delinquency rates, and financial metrics.
   • Provide analytics to support decision-making and strategy planning.
9. Notifications and Alerts
   • Send notifications for upcoming payments, overdue loans, and application status updates.
   • Alert administrators and borrowers about important events or changes.
10. Compliance and Auditing
    • Ensure that the system complies with financial regulations and standards.
    • Maintain audit trails for loan transactions, approvals, and modifications.

Non-Functional Requirements

1. Performance
   • The system should handle multiple concurrent transactions and user interactions efficiently.
   • Ensure fast response times for loan processing and data retrieval.
2. Scalability
   • The system should be able to scale with increasing loan volume and user load.
   • Support expansion to handle more borrowers and loan types.
3. Reliability
   • Ensure high availability with minimal downtime.
   • Implement backup and recovery procedures to protect data and ensure continuity.
4. Security
   • Protect sensitive borrower and loan data with encryption and secure access controls.
   • Ensure compliance with data protection regulations (e.g., GDPR, CCPA).
5. Usability
   • Provide an intuitive and user-friendly interface for borrowers and loan officers.
   • Ensure ease of navigation and accessibility for all users.
6. Maintainability
   • The system should be easy to update and maintain with clear documentation.
   • Support regular updates and bug fixes with minimal disruption.
7. Compatibility
   • Ensure compatibility with various devices and browsers.
   • Integrate with other financial systems or third-party services as needed.
8. Data Integrity
   • Ensure the accuracy and consistency of loan and borrower data across the system.
   • Implement validation checks and error-handling mechanisms.
9. Support and Documentation
   • Provide user manuals, help guides, and support resources for troubleshooting.
   • Offer technical support for system issues and maintenance.
10. Auditability
    • Maintain logs of system access, changes, and transactions for auditing purposes.
    • Provide detailed audit trails for loan approvals, modifications, and financial transactions.