What is Employees Cooperative Society?
Employees Credit Cooperative Society is one such association of workers. There are many types of employee’s cooperative societies in India that are formed by Government and private concern workers. All of the members of the society are employees of certain organization
How Employees Cooperative Society Work?
Only employees from certain concern can become a member of Employees Cooperative Society. They also need to purchase shares after becoming a member of the society. Members can open savings account, deposit money on fixed or recurring schemes.
If any member requires any loan, they can apply for the same and get it against very low rate of interest. As the society is formed with the purpose of serving its members only, and not for profit – the rates of interest of Employees Credit Cooperative Society kept low.
What is an employee Credit Cooperative Society Software (ECCS)?
Employees Credit Cooperative Software (ECCS Software) is for the management purpose of such society. It is Cooperative society operations management financial software. With it society members can supervise over their complete working procedures like accounts, deposits and loan management & recovery and many more.
The Features of Employees Credit Cooperative Software
Employees Cooperative Credit Society software comes with a large numbers of features. These features are indispensable for the governance and supervision purpose of the ECCS.
- To keep up the Membership technicalities
- To keep up the credit standards and the advance specifics from processing of loan applications, underwriting process, approval, and disbursements.
- To deal with the Loan repayment and recovery procedures
- Records management of savings, RD, FD, Loans, and repayments etc.
- Timely account statement generation
- Ledger and day book maintain
- Deal with the management of different kinds of vouchers like journals, receipts, and payments.
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