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Reference Cases - Government Sector

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ZCRIS – Zambia Credit Rating Information System
About
The Zambian government is persistently focused on enhancing the opportunities of facilitating easy Educational Loan options to the succeeding generation. They emphasize on making education loans available to the desired candidate with stress-free repayment options to ensure high level of literacy and well established citizens.

Online Loan Recovery Software and Online Credit Rating Software

Executive Summary
Government of Zambia collaborated with Softlabs Group in co-ordination with our Zambian Partner SkyGold Limited to develop an innovative and highly intelligent Educational Loan Recovery and Credit Rating System.

Challenges
Formerly, the education loan recovery method followed by the Zambian government faced several difficulties in capturing and presenting the loan details accurately. There was no formal system in place to track the students who have received loans after they graduated and have started working. Consequently, the loan recovery process suffered as many students who have taken loans did not repay the loans. Due to lack of pertinent software application, the government incurred losses. Furthermore, due to non-repayment it became difficult for the government to manage funding education for the next generation.

Furthermore, the existing Credit Rating System employed in Zambia was not apt to the requirements and failed to capture all the critical credit information in an efficient manner or real-time.

Enhancements delivered by Softlabs
Softlabs, developed an efficient Educational Loan Recovery System that would track the details of the students who received loans from the Zambian government, help create a repayment schedule and enabled the employer (of the borrower) to arrange the repayment of loan by calculating amounts to be deducted from the salaries each month. Also, the system captured and updated every re-payment made by the student, thus knowing the exact status of the Loan balance and apprising the individuals Credit status accordingly.

Additionally, Softlabs developed a high-tech Credit Rating Software which would reflect the pending Educational Loan Outstanding figures making it necessary for the individual to repay educational loans for better Credit Ratings.

The Credit Rating Software is developed to provide Credit Ratings of Individuals and Companies to the Financial Institutions on a real time basis. Thus, improving the efficiency of the Financial Institutions in assessing various Loan Applications.

ZCRIS helps institutions to recover the funds disbursed earlier to the students so that they can fund the education of the next generation with ease.

The attentively designed software includes the below features:
Educational Loan Module
  • University Management
  • Student Management
  • College Management
  • Course Management
  • Loan Applications under a particular Course
  • Loan Disbursements Academic Year wise
  • Mapping Educational Loan details with the Credit Report of Individual
  • Employer Management
  • Employee Management
  • Salary Management of Employees
  • Facilitating Loan Recovery Payments at various recognised Payment Centres
  • Facilitating Deductions from Monthly Salary of Employees for Educational Loan
  • Search Candidate at Companies’ Employee Database for Recovery
  • Balance Loan Details and Summary Reports
  • MIS Reports

Credit Rating Module
  • Financial Institutions Management
  • Loan Programs Management
  • Loan Applications
  • Loan Disbursements
  • Instalment Payment Information
  • Cheque Clearance and Bouncing Information
  • Calculating Credit Rating Points
  • Generating Credit Rating Reports


Their Results
After Deployment of ZCRIS, the Zambian government was able to streamline the entire Educational Loan Applications, Disbursals, Recovery and Credit Management process. They were be able to view all the details of educational loans as well as students and arrange the repayment through their employer in an intended manner. The losses incurred due to inability of tracking the disbursed loans, were reduced considerably. The government is in better control of funding loans to new students. The business efficiency was increased by 45%.

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