Miflow (Micro Finance Collection Repository) is a cloud-based microfinance collection solution developed by L&T Finance. It is a comprehensive platform that helps microfinance institutions (MFIs) to automate and streamline their collection operations.
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To login to Miflow, follow these steps:
- Go to the Miflow website – https://miflow.ltferp.com/mficollections/
- Enter your username and password in the login fields.
- Click on the “Login” button.
If you have forgotten your username or password, you can click on the “Forgot Password?” link to retrieve them.
Once you have logged in, you will be taken to the Miflow dashboard. The dashboard provides you with an overview of your collection performance, including key metrics such as the number of overdue loans, the total amount of overdue payments, and the recovery rate.
Miflow offers a range of features, including:
- Customer onboarding: Miflow helps MFIs to onboard new customers quickly and easily.
- Loan management: Miflow helps MFIs to manage their loan portfolios efficiently.
- Collection management: Miflow automates and streamlines the collection process, helping MFIs to reduce costs and improve recovery rates.
- Reporting and analytics: Miflow provides MFIs with comprehensive reports and analytics to help them make informed decisions about their collection operations.
Miflow is a popular choice for MFIs of all sizes, and it is used by over 1,000 MFIs in India and other countries.
Benefits of using Miflow:
- Reduced costs: Miflow helps MFIs to reduce their collection costs by automating and streamlining the process.
- Improved recovery rates: Miflow helps MFIs improve their recovery rates by providing them with real-time insights into their collection performance.
- Increased efficiency: Miflow helps MFIs increase the efficiency of their collection operations by automating tasks such as customer outreach, payment processing, and reporting.
- Improved decision-making: Miflow provides MFIs with comprehensive reports and analytics to help them make informed decisions about their collection operations.
Overall, Miflow is a comprehensive and powerful microfinance collection solution that can help MFIs improve their collection performance, reduce costs, and increase efficiency.
From the dashboard, you can access all of the features of Miflow, including:
- Customer onboarding: Miflow helps MFIs to onboard new customers quickly and easily. You can create new customer profiles, enter loan details, and generate customer agreements.
- Loan management: Miflow helps MFIs to manage their loan portfolios efficiently. You can view loan details, track loan payments, and generate loan reports.
- Collection management: Miflow automates and streamlines the collection process. You can create collection schedules, generate collection notices, and track collection performance.
- Reporting and analytics: Miflow provides MFIs with comprehensive reports and analytics to help them make informed decisions about their collection operations. You can generate reports on overdue loans, recovery rates, and collection performance.
To use Miflow effectively, it is important to be familiar with all of the features and functionality of the platform. Here is a more detailed overview of each of the key features:
Customer onboarding
To onboard a new customer in Miflow, follow these steps:
- Go to the “Customers” tab.
- Click on the “Add New Customer” button.
- Enter the customer’s personal information, such as their name, address, and contact information.
- Enter the loan details, such as the loan amount, the repayment schedule, and the interest rate.
- Generate the customer agreement.
- Review the customer agreement with the customer and have them sign it.
Once the customer agreement has been signed, the customer will be onboarded in Miflow and their loan account will be created.
Loan management
To manage your loan portfolio in Miflow, go to the “Loans” tab. You can view all of your active loans, overdue loans, and closed loans. You can also track loan payments and generate loan reports.
To track a loan payment, go to the “Loan Payments” tab and select the loan that you want to track. You can view all of the payments that have been made on the loan, as well as the outstanding balance.
To generate a loan report, go to the “Loan Reports” tab and select the report that you want to generate. You can generate reports on active loans, overdue loans, closed loans, and loan payments.
Collection management
Miflow automates and streamlines the collection process. To create a collection schedule, go to the “Collections” tab and click on the “Create Collection Schedule” button. You can select the customers that you want to include in the collection schedule and the frequency of the collections.
Once you have created a collection schedule, Miflow will automatically generate collection notices and send them to the customers. You can also track collection performance from the “Collections” tab.
Reporting and analytics
Miflow provides MFIs with comprehensive reports and analytics to help them make informed decisions about their collection operations. To view reports, go to the “Reports” tab. You can generate reports on overdue loans, recovery rates, collection performance, and other metrics.
Conclusion
Miflow is a powerful microfinance collection solution that can help MFIs to improve their collection performance, reduce costs, and increase efficiency. By following the steps in this guide, you can learn how to log in to Miflow and use its features effectively.