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The Project File Details
TABLE OF CONTENTS
1.1 Overview 1
1.2 Statement of the problem 2
1.3 Aims and Objectives 2
1.4 Scope of study 2
1.5 Significant of the study 3
1.6 Definition of relevant term 4
2.0 Literature Review 7
2.1 Introduction 7
2.2 The condition for borrowing 10
2.3 Interest rate 12
2.4 Processing of information 13
2.5 Operational Scheme 15
2.6 Organizational structure and functions 17
2.7 Process of Lending 19
2.8 Securing for Loan/ Advances 22
3.0 System Analysis and Design 26
3.1 Feasibility Study 26
3.2 Disbursement/ Control Measures 27
3.3 Programming Language User 27
3.4 cost and benefit analysis 28
3.5 Disbursement/control measure 31
3.6 How disbursement of various loan occur 33
3.7 How to store necessary information 34
3.8 How to store necessary information 34
3.9 How to retrieve information 34
3.10 Customer detail 35
4.0 System Implementation and Maintenance 36
4.1 Introduction of System Development and Maintenance 36
4.2 Requirement specification for the purposed system 36
4.3 Change over procedure 37
4.4 Securities 38
4.5 Running the program 39
5.0 Summary, Conclusion and Recommendation 40
5.1 Summary 40
5.2 Conclusion 40
5.3 Recommendation 41
Cooperative business in Nigeria could be said to have started in the year 1892 by the British in West Africa known as standard cooperative society of Nigerian with urge by some regional government of the western region, Eastern region and Northern region. The Western region established the national cooperative of Nigeria. In 1933, followed by the establishment of the Africa cooperative society of the eastern region in 1947. The cooperative society of the north that was owned by the Northern states was established in 1961. The standard cooperative society initially established as British and French bank in 1947 but later changed its name in 1961.
SAVING AND LOAN COOPERATIVE SOCIETY OF NIGERIA
A Saving and Loan Association is a financial institution that specialize in savings, deposit and mortgage loans and has become one of the primary sources of mortgage loans for home buyers today. It offers mortgage services to people from the saving and deposit received from private investors. Depositors and borrowers are members with voting rights and have the ability to direct the financial and managerial goals of the organization.
Kogi saving and loan limited (formally Kogi Building society) is a primary mortgage institution established and licensed under Decree 53 of 1989 was in cooperated in 1991 and was licensed to commence retail mortgage Banking business on December 31st 1991. Kogi Saving and Loan Limited has since inception survived the various confidence problem that have confronted the Nigerian mortgage Finance industry to emerge a key player in terms of efficiency, asset size and profitability.
1.2 STATEMENT OF THE PROBLEM
The problem associated with loan is that the borrower must attain to some conditions and operational scheme in the cooperative society. To avoid loan fraud, all managers should strictly comply with tending to these customers who might not default and also the customers should not be allowed to withdraw any amount until he has submitted his conditional letter of acceptance.
1.3 AIMS AND OBJECTIVES
The aim of the study is to develop a system to help manage loan. The objectives are;
1.4 SCOPE OF THE STUDY
The study of Automation of loan management system is limited to saving and loan cooperative society.
1.5 SIGNIFICANCE OF THE STUDY
This study if implemented will among others help to:
1.6 DEFINITION OF TERM
Automation is the used of control systems and information technologies to reduce the needs for human work in the production of goods and services. In the scope of industrialization, automation is a step beyond mechanization where mechanization provided human operators with machinery to assist them with the muscular requirement of work, automation greatly decreases the need for human sensory and mental requirement as well. Automation place increasingly important role in the world economy and daily experience. Automation has had a notable impact in a wide range of industries.
A Computer can be defined as an electronic device for storing data, typically in binary form according to instruction given to it. It can also be defined as a programmable machine design to sequentially and automatically carry a sequence of arithmetic which involved the manipulation of information, data and has the ability to store, retrieve and process, it also accept information in the form of digitalized data and manipulate it for some result based.
A Cooperative is an autonomous association of person united voluntarily to meet their common, social and culture needs and aspirations through jointly owned and democratically controlled enterprises.
Cooperative society is a business organization owned and operated by a group of individual for their mutual benefit or it can also be defined as a business owned and control equally by the people who used it services or by the people who work there.
Lending in it most general sense, the temporary of money or property to another person with expectation that it will be repaid. In a business and financial context, lending include many different types of commercial loans. And they are;
A loan is a thing that is borrowed especially a sum of money that is expected to be paid back. A loan is a type of debt, like all debt instruments, a loan entains the redistribution of financial asset over time, between the borrower and lenders. The loan is generally provided at a cost, referred to as interest on the debt which provides an incentive for the lender to engage in the loan. In a legal loan each of these obligation and restriction is enforce by contract which can also place the borrower under additional restriction known as “Loan Covenant”.