Account Creation: Allow users (borrowers, lenders, administrators) to create accounts using email, social media, or mobile numbers.
Profile Management: Users can manage and update their profiles, including personal information, contact details, and financial information.
Authentication & Authorization: Secure login/logout functionality with role-based access control (e.g., borrower, lender, admin).
Loan Application and Processing:
Loan Application Form: Provide a form for borrowers to apply for loans, including fields for loan amount, term, purpose, and personal financial information.
Document Upload: Allow borrowers to upload necessary documents (e.g., ID proof, income statements) required for loan approval.
Application Review: Enable lenders to review, approve, or reject loan applications based on predefined criteria.
Loan Management:
Loan Disbursement: Facilitate the disbursement of approved loans, including scheduling and managing disbursements.
Repayment Management: Manage loan repayments, including tracking payment schedules, processing payments, and handling prepayments.
Amortization Schedule: Generate and display amortization schedules for borrowers, showing payment breakdowns and remaining balances.
Interest Rate Management:
Interest Calculation: Calculate interest based on the agreed-upon terms, including fixed or variable rates.
Rate Adjustments: Allow for adjustments in interest rates, if applicable, and notify users of changes.
Account Management:
Loan Accounts: Maintain detailed records of each loan account, including balance, payment history, and interest accrual.
Transaction History: Provide users with access to their transaction history, including payments, fees, and adjustments.
Notifications and Alerts:
Payment Reminders: Send reminders for upcoming payments, overdue payments, and payment confirmations.
Application Status Updates: Notify borrowers about the status of their loan applications (e.g., approval, rejection, disbursement).
Reporting and Analytics:
Loan Reports: Generate reports on loan performance, including disbursements, repayments, and outstanding balances.
User Reports: Provide insights into user activities, such as application statuses and payment histories.
Financial Analytics: Analyze financial data to assess the health of the loan portfolio and forecast future performance.
Admin Panel:
Dashboard: A central dashboard for administrators to manage users, loan applications, and system settings.
User Management: Admins can add, remove, or modify user accounts and roles.
Loan Management: Admins can oversee loan processing, approvals, and disbursements.
Integration with Payment Systems:
Payment Processing: Integrate with payment gateways for processing loan payments and disbursements.
Automated Transactions: Support automated payment schedules and processing.
Compliance and Security:
Regulatory Compliance: Ensure compliance with financial regulations and standards (e.g., KYC, AML).
Data Protection: Implement encryption and secure storage for sensitive user and transaction data.
Customer Support:
Help Desk: Provide access to support resources, including FAQs, chat support, and contact options.
Issue Tracking: Track and manage user-reported issues and feedback.
Mobile Access:
Mobile-Friendly Design: Ensure the platform is accessible and fully functional on various mobile devices and screen sizes.
Mobile App Integration: Optionally, provide a mobile app for easier access to loan management features.
Non-Functional Requirements
Performance:
Speed: Ensure fast load times and quick response times for loan applications, repayments, and user interactions.
Scalability: The system should efficiently handle increasing numbers of users, loan applications, and transactions.
Security:
Data Protection: Implement robust encryption and secure storage for sensitive user data, including personal and financial information.
Compliance: Adhere to data protection regulations (e.g., GDPR, CCPA) and industry standards for security and privacy.
Access Control: Implement role-based access controls to prevent unauthorized access to loan data and system features.
Usability:
User Interface: Design an intuitive and user-friendly interface for all user roles, including borrowers, lenders, and administrators.
Accessibility: Ensure the platform is accessible to users with disabilities, following WCAG guidelines.
Reliability:
Uptime: Aim for high availability with minimal downtime to ensure continuous access to loan services.
Backup and Recovery: Implement regular backups and a disaster recovery plan to protect data and ensure business continuity.
Maintainability:
Code Quality: Maintain clean, well-documented code to facilitate easy updates and maintenance.
Modularity: Design the system in a modular way to allow for easy addition of new features and updates.
Compatibility:
Cross-Browser Support: Ensure compatibility with major web browsers (e.g., Chrome, Firefox, Safari, Edge).
Mobile Responsiveness: The platform should be fully functional on various mobile devices and screen sizes.
Localization:
Multilingual Support: Provide the platform in multiple languages if serving a diverse user base.
Regional Customization: Allow for region-specific content, regulations, and currency support.
Analytics and Reporting:
Data Insights: Provide actionable insights into loan performance, user engagement, and financial health.
Custom Reporting: Allow administrators to generate and customize reports based on specific criteria.
