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Guarantor Management

Collateral - With Mifos X, the organization may establish collateral parameters by loan type or by individual client.

Loan Guarantors - Other account holders can use funds to guarantee loans. The percentages and amounts are dependent upon the individual financial institution’s policies.

Automatic Loan Payment Transfers - Payments are set as Standing Instruction to pay from the guarantor’s account or the borrower’s account.

Loan Tools

Collection Sheets - Use the collection tool for group or individual lending at group or center levels. The Mifos X platform supports bulk entry of repayment data for most efficient operations.

Bulk Loan Reassignment -  Use Mifos X to reassign loans from one loan officer to another.

Delinquency Control -  Use tools such as account aging, account notes and calendaring to identify and collect bad debt.

Reassign Loans Between Branches -  Reassign loans from one branch or center to another. Active or inactive, individually or in bulk.

Payment Types - Use this loan tool to configure the accepted forms of payment and posting rules.

Loan Frequency Rescheduling - Payment dates and frequency can be rescheduled within Mifos X.

Loan Cycle Tracking - Graduate clients to more advanced loan products by specifying the amount, rate, and term per loan cycle.  

Floating Interest Rates -  Mifos X offers support for variable interest rates by defining a base lending rate and interest rate differentials to raise or lower the rate.

Amortization - Fixed payment, declining interest, and early repayment practices are all offered within the Mifos X platform.

Automated Loan Payment -  Use Mifos X to configure automated loan payments from standing instruction.

Manage Holidays - Set holidays and repayment rules to fit your national calendar and represent days of no business.

Loan Loss Provisioning -  The Mifos X user can define and set up four categories for provisioning of bad debts by defining the number of days in arrears and the percentage of the overdue amount that gets automatically provisioned into the respective loan loss general ledger accounts.

Loan Rescheduling/Refinancing - Reschedule or refinance loans in one of four ways - extend the loan term, change the installment dates, provide a moratorium or grace period, or provide a new interest rate.

Manage Non-Performing Assets - Define the number of days in which an asset becomes non-performing and gets automatically moved to the appropriate general ledger account.

Savings Products

Basic Savings Accounts - Mifos X supports basic savings accounts.

Passbook Savings - Passbook savings accounts are supported by Mifos X.

Mandatory Savings - Required recurring deposits are configurable.

Interest Bearing Savings - Interest on daily balance or average daily balance can be configured to compound daily, monthly, quarterly, semi-annually or annually.

Term Deposits - 

Recurring Deposit Term Accounts - 

Share Accounts - Designed specifically for financial co-operatives, share accounts can be configured based on the requirements of the business/organization.  

Custom Savings Programs - The savings programs need to fit the financial institution and its clients. So, savings products are configurable to the organization’s strategic goals and objectives.

Savings Tools

Recurring Deposit - Recurring deposit features can be added, multiplied, or deactivated within the Mifos X platform.

Standing Instructions -  Use standing instructions to automatically make loan payments or account transactions.

Interest Calculation -  Interest can be calculated on average daily balance or daily balance and paid with selected frequency.

Dividend Calculation - Mifos X offers full support for financial cooperatives to calculate and pay share dividends based on shares of equity owned.

Receipt Printing - Use this tool to print savings transaction receipts.

Dormant Account Management - Manage dormant savings accounts by defining the number of days for dormant and inactive status and have the balance moved into an escheated account.

Amount-Interest Rate Charts - The Mifos X user can set up bands to define the interest rate applicable for an account based on the amount of the account balance.

Transactional Accounts

Current/Checking Accounts - The Mifos X platform currently supports checking accounts.

Overdraft Automatic Transfer - Overdraft privileges can be configured on current accounts with the ability to define overdraft limits and charge interest on the balance.

Client Management

Client Identification (KYC) 

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- Mifos X fully supports KYC requirements, allowing you to store customer photos and signatures and upload a range of identity documents which can be searched and catalogued by their unique identifiers. Personal data is protected through strong KYC tools, layered account verification and the security built into the architecture of the platform itself. Fully compliant with any country’s Know Your Customer rules and regulations.

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Unlimited Individual Patrons (Members)

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 - We wanted Mifos X to be scaleable to have the ability to support extremely large financial institutions. So, with Mifos X, there is no restriction on the number of accounts you can create. The user can configure unlimited savings, loans, and share accounts. Don’t let your business be restricted by an un-scaleable platform, instead, grow your business with Mifos X.

Unlimited Hierarchy -  Mifos X supports unlimited Groups, Centers, and Organizations for a single complex operation or a multi-organization support structure.

Branch Management

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 - With Mifos X, the user can manage branch offices, groups, and banking centers with ease. The system is centrally administered such that new products and system-wide changes can be rolled out in real-time. The architecture of the Mifos X platform is fully multi-tenant such that one can achieve economies of scale by running off of one instance of the application with separate databases.

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