Micro Project report on

Online loan application

and verification system
Academic Year: 2023-24 Institute Code:

0563 Program: INFORMATION TECHNOLOGY Semester: IV

Course: SOFTWARE ENGINEERING Course Code:

22413 Group no: 11

Maharashtra State Board of Technical Education,

Mumbai (Autonomous)(ISO-9001-2008) (ISO/IEC
27001:20013)
 Maharashtra State Board of Technical
Education
Mumbai
CERTIFICATE

Roll No Student Name Seat no Enrolment

No

2205630217
10 MAHADIK VAISHNAVI
2205630218
11 VINIT PATIL
2205630219
12 SAYYED HAMZA

This is to certify that, of Fourth Semester of Diploma in Information Technology

of Institute Pravin Patil College of Diploma Engineering and Technology,
Bhayander(E) (Code: 0563) has completed the Micro Project satisfactorily in subject
Software Engineering (2241) for the academic year 2023-24 as prescribed in the
curriculum.

Place: Bhayander (E)

Date:

MR. NILESH VISPUTE MR. NILESH VISPUTE MRS.R.B. PATIL

SUBJECT TEACHER HEAD OF DEPARTMENT PRINCIPAL
 PART A – PLAN
MICRO PROJECT
PROPOSAL

Online loan application and

verification system
1.0 Brief Introduction:
An online loan application and verification system revolutionizes the lending process by
seamlessly integrating digital technologies into every step, from initial application to final
approval. Through a user-friendly interface, applicants can securely submit their loan
requests and upload necessary documents, while automated verification processesswiftly
authenticate provided information. Leveraging sophisticated algorithms and integration with
external databases, the system ensures accuracy and efficiency in assessing
applicants'eligibility and creditworthiness. With real-time updates on application status and
compliancewith regulatory requirements, this innovative platform offers both lenders and
borrowers a streamlined, transparent, and convenient experience, ultimately facilitating
faster access to much-needed financial assistance.

2.0 Aim of the micro-project

1. Develop a user-friendly web application for loan applicants to submit their loan
requests conveniently.
2. Implement secure verification methods to authenticate applicant identity and
validate financial information.
3. Streamline the loan approval process through automated decision-making
algorithms.
4. Enhance efficiency by integrating third-party verification services for credit
checks, income verification, and other necessary validations.
3.0 Action Plan

Sr. Detail of activity Planned Planed Name of

No start date finish date Responsibly
team member

1 Discussion and 08/01/2024 13/01/2024

finalization of ALL
topic
2 Preparation and 15/01/2024 20/01/2024 ALL
submission of
abstract
3 Collection of Data 22/01/2024 27/01/2024 ALL
&Literature
Review
4 Discussion on 29/01/2024 03/02/2024 ALL
Outline of content and
formulating of content
5 Editing and proof 05/02/2024 10/02/2024 ALL
Reading of Content

6 Compilation of report and 20/02/2024 27/02/2024 ALL

presentation

7 Viva 04/03/2024 09/03/2024 ALL

8 Final submission of 11/03/2024 16/03/2024 ALL

Micro Project
4.0 Resources Required

Sr. Name o Specifications Qty Remarks

No Resource/Material
1 Open Learning Videos/Websites/ 1 For information
Sources Magazines, Books.
Internet
2 Charts survey Related 1 For report
information purpose
 PART B – PLAN
MICRO PROJECT
REPORT

Online Loan Application and Verification System

1.0 Brief Introduction

Introduction to our

project:
The introduction of an Online Loan Application and Verification System. In
today's fast-paced world, accessing financial assistance through loans has become
increasingly vital for individuals and businesses alike. However, the traditional
loan application process often involves extensive paperwork, long waiting periods,
and cumbersome verification procedures, leading to inefficiencies and delays.
To address these challenges, our team has developed an innovative solution: an
Online Loan Application and Verification System. This system aims to revolutionize
the way loan applications are processed by leveraging the power of technology to
streamline the entire process, from application submission to verification and
approval.
 2.0 Aim of Micro Project
a. Develop a user-friendly web application for loan applicants to submit their loan
b. requests conveniently.
c. Enhance efficiency by integrating third-party verification services for credit checks,
income verification, and other necessary validations. It is also time saving because
manual work is less.
d. Streamline the loan approval process through automated decision-making algorithms.

3.0 Course outcomes integrated:

a. Select a suitable Software Process model for software development.

b. Prepare software requirement specifications.
c. Use Software modeling to create data designs.
d. Estimate size and cost of software product.
e. Apply project management and quality assurance principle in software development.
.
4.0 Actual resources used:

Sr. No Name of Resource/Material Specifications Qty Remarks

1 MS ACCESS 2007 1 For Developing Database

2 MS WORD 2016 1 For Documentation

3 Paint - 1 For Output Images

5.0 Skill Developed/Learning Out of This Micro-Project:

1. Basic knowledge
2. Experiments and practice...
3. Individual team work
4. Engineering tools.
5. Lifelong learning
 6.0 Content of our micro-project:

1.0 Problem Definition

In the contemporary financial landscape, the traditional approach to loan application and
verification persists as a bottleneck riddled with inefficiencies, delays, and security
vulnerabilities. The reliance on paper-based documentation, coupled with manual
verification processes and obligatory in-person visits to financial institutions, perpetuates
prolonged wait times and aggravation for both applicants and lenders alike.
These challenges underscore the urgent need for a modernized solution to streamline the
loan application and verification process. The absence of a digitized, integrated system
results in several critical issues:
Firstly, the manual nature of verification procedures leads to high processing times,
delaying access to funds for applicants in need. Secondly, reliance on paper
documentation poses significant security risks, including errors and susceptibility to
fraud, compromising the confidentiality of applicant data.

2.0 Requirement Gathering

Requirement gathering for the development of the online loan application and
verification system involves a comprehensive analysis of user needs, system
functionalities, and operational considerations. Firstly, identifying the various user roles,
including applicants, lenders, and administrators, is crucial to understanding their specific
requirements and access levels within the system. Functional requirements, such
asenabling applicants to submit loan applications online, implementing robust
verification processes, defining approval criteria, and facilitating communication with
applicants, must be clearly outlined. Non- functional requirements, including security
measures to protect applicant data, system performance to handle concurrent user
sessions, and compliance with regulatory standards, are equally important. Integration
requirements with third-party services, data storage and management needs, scalability
considerations, accessibility standards, and feedback mechanisms for continuous
improvement should also be addressed. Finally, establishing a budget, timeline, and risk
assessment framework ensures effective project planning and execution. By meticulously
gathering and documenting these requirements, the resulting system will be tailored to
meet the needs of all stakeholders while aligning with organizational goals and industry
standards.

1. Define project scope: Clearly outline project objectives and limitations.

2. Identify stakeholders: IT department, Legal department, integration requirements, lenders,

Shareholders etc.
3. Conduct interviews: Understand stakeholder needs and current challenges.

4. Document Personas: Create user personas for each type of user.

5. Determine Core Functionalities: Identify key features like check-in/out, history tracking.

6. Specify Authentication: Define authentication methods (biometrics, PINs, etc.).

7. Consider Compatibility: Determine platform (iOS, Android) and device compatibility.

8. Address Connectivity: Identify network requirements and consider offline functionality.

9. Establish Security Measures: Define encryption standards and privacy measures.

10. Set Performance Expectations: Establish response times and scalability benchmarks.

11. Design Usability: Ensure a user-friendly interface with accessibility features.

12. Integrate with Existing Systems: Identify systems for integration and define data
exchange protocols.
13. Incorporate Reporting and Analytics: Specify required reports and analytics features.

14. Ensure Regulatory Compliance: Comply with data protection regulations and
address legal/ethical considerations.

15. Plan for Support and Maintenance: Establish support mechanisms and maintenance
processes.

16. Consider Budgetary Constraints: Define the budget and total cost of ownership.

17. Collect Feedback: Implement mechanisms for user feedback.

18. Document Requirements: Compile requirements into a clear document with priorities.
3.0 Methodology
The methodology for developing the online loan application and verification system
encompasses several structured phases to ensure a systematic and effective approach to
project execution. Initially, the project initiation phase involves defining clear
objectives, establishing the project scope, and identifying key stakeholders to ensure
transparent communication channels. Subsequently, rigorous requirements gathering is
conducted through stakeholder interviews, enabling the documentation of bothfunctional
and non- functional requirements, which are prioritized based on their significance and
feasibility. In the system design phase, meticulous planning takes place, encompassing
the architecture design, wireframing, and
prototype creation to visualize the user experience and integration points with third.
4.0 Selection of Process Model
The selection of an appropriate process model for developing the online loan application
and verification system is a critical decision that significantly influences project
outcomes. Among various process models available, the iterative and incremental model
appears most suitable for this project. This model emphasizes iterative
developmentcycles, allowing for continuous refinement and improvement based on
stakeholder feedback and evolving requirements. Given the dynamic nature of the financial
industry and the complexity of loan application processes, an iterative approach enables
flexibility and adaptability throughout the development lifecycle. Initially, the project
team canfocus on delivering core functionalities such as application submission and basic
verification mechanisms in early iterations, providing stakeholders with tangible
deliverables and opportunities for validation. Subsequent iterations can then incorporate
additional features, such as advanced verification methods and integration with third- party
services, iteratively enhancing the system's capabilities while minimizing risks and
accommodating changing priorities. Moreover, the incremental nature of the model
facilitates incremental deployment of features, enabling stakeholders to benefit from early
releases and providing valuable insights for subsequent iterations. By embracing the
iterative and incremental model, the project team can effectively manage complexity,
mitigate risks, and deliver a robust, user- centric online loan application and verification
system that meets stakeholders' evolving needs and expectations.

Waterfall Model

While the Waterfall model is known for its linear and sequential approach, it may not be
the most flexible choice for mobile attendance systems, which often involve evolving
requirements and user feedback. However, if the project constraints and requirements are
well-defined from the outset, and changes are expected to be minimal, a Waterfall model

can be adapted.
5.0 Software Requirement Specification

1. Introduction
1.1 Purpose
The purpose of selecting a process model, such as the iterative and incremental model, for
developing the online loan application and verification system is to ensure a structured and
adaptable approach to project execution

1.2 Scope
The scope of the project involves developing an online loan application and verification system
that streamlines the process for applicants and lenders. This system will facilitate the submission
of loan applications, verification of applicant information, and automated decision-making for
loan approval.

1.3 Document Conventions

Bold Text: Represents section headings.
Italic Text: Represents placeholder text or user inputs.
Code font: Represents code snippets or technical terms.

1.4 Intended Audience

The online loan application and verification system is designed to cater to a diverse audience
involved in the loan application process. This audience includes applicants seeking financial
assistance, lenders or financial institutions responsible for evaluating and approving loans,
administrators overseeing system operations, regulatory bodies ensuring compliance with
financial regulations, third-party verification services providing authentication, the IT
department managing system development and maintenance, the legal department ensuring legal
compliance, and customer service representatives assisting applicants. Each stakeholder group
interacts with the system in unique ways, ranging from submitting loan applications and
verifying applicant information to monitoring system performance and ensuring regulatory
compliance.

2. Overall Description
2.1 Product Perspective
The online loan application and verification system serves as a comprehensive platform that
revolutionizes the loan application process, ensuring efficiency, accuracy, and security. From the
perspective of product description

2.2 Product Features

User Authentication: Secure login using credentials (username/password) or biometric.
Attendance Tracking: Real-time recording of attendance with GPS and timestamp data.\
2.3 User Classes and Characteristics
Admins: Manage system settings, users, courses, and generate reports. Teachers/Organizers:
Mark attendance for specific courses or events.
Students/Attendees: Mark attendance, view personal attendance records.

4. Non-Functional Requirements 4.1Performance

Support 500+ concurrent users.
Response time < 3 seconds.

4.1 Security
Secure credentials, HTTPS, role-based access

5. Appendix
To be defined based on specific project needs.

6.0 Design Model

Use Case Diagram Class & Object

Sequence Diagram Data Flow Diagram zero level

Data Flow Diagram 1 level Activity Diagram

Collaboration ER Diagram

7.0 Test Case

Test Case Description Test Steps Expected Result Pass/Fail
Test
Case ID
TC001 User Login 1. Launch the mobile app Login screen is displayed pass

2. Enter valid username

and password User is successfully logged in

3. Tap on the login button Main dashboard is displayed

 TC002 User Logout 1. Navigate to the Settings/options menu is Pass
settings/options menu displayed

2. Select the "Logout" option User is logged out successfully

TC003 Mark Transaction 1. Access the main dashboard Dashboard is displayed Pass

2. Tap on the "Mark paid" button Landed moneyis successfully

marked

3. Verifythe record Record is updated with the

current timestamp

TC004 View transaction History 1. Navigate to the transaction history is displayed Pass
"transaction History" section

2. Select a specific date Attendance records for the

date are displayed

TC005 Invalid Login Credentials 1. Launch the mobile app Login screen is displayed Pass

2. Enter invalid username Error message is displayed

and/or password

3. Tap on the login button User is not allowed to log in

TC006 Offline Mode 1. Disable mobile data and Wi-Fi Attempt to mark transaction and Pass
view history

records without an
internet connection

TC007 Geolocation Check 1. Enable location services on Mark transaction and check Pass
the device location accuracy

TC008 Security Check 1. Attempt to access the app User should be redirected to Pass
without login the login screen

or prompted to log in
TC009 User Interface 1. Check the overall app layout All elements are Pass
(UI) Check and design displayed correctly and

8.0 Cost Estimation Using COCOMO

COCOMO (Constructive Cost Model) can be used to estimate the effort (person-months)
required to develop the mobile attendance system. To estimate the cost of a project like a mobile
attendance system using the COCOMO (Constructive Cost Model), we need to consider
various factors such as the size of the project, the development mode, and the complexity of the
system.

Project was estimated to be 1.2 KLOC. Calculate effort & time.

Also, we know that,
Effort = a(KLOC)^b
Time = c(E)^d
Person = E/T

Organic:
Effort = 2.4(1.2) ^1.05 =3.314 person

Time = 2.5(2.214) ^0.38 = 3 months

Person = 3.314 /3 = 3 person

9.0 RMMM PLAN

This plan outlines the approach to mitigate, monitor, and manage potential risks associated with
developing a mobile attendance system.

Risk Mitigation:
• Technical Risks Mitigation:
Perform thorough testing on different devices and network conditions. Regularly
update the mobile app to address security concerns.
• Operational Risks Mitigation:
Conduct awareness sessions to promote user acceptance. Develop comprehensive training
materials and sessions.

Risk Monitoring:
• Regular System Audits:
Conduct periodic security audits to identify and address vulnerabilities.
Monitor app performance and address any issues promptly.
• User Feedback:
Establish a feedback mechanism for users to report issues.
Act on user feedback to enhance system usability and address concerns.
Risk Management:
• Contingency Plans:
Develop contingency plans for potential system failures.
Establish a rapid response team to address critical issues.
• Regular Updates:
Regularly update the system to incorporate new security measures.
 Keep users informed about updates and system improvements

10.0 Timeline Chart

11.0 Conclusion:
In conclusion, the development of an online loan application and verification system is a
crucial endeavour aimed at streamlining the loan application process and enhancingsecurity
and efficiency for both applicants and lenders. Throughout this project, careful
consideration of user needs, stakeholder requirements, and industry regulations is
paramount to ensure the success of the system.

By implementing user-friendly interfaces, robust verification methods, and integration

with third-party services, the system can provide a seamless experience for applicants
while facilitating accurate and timely loan decisions for lenders. Additionally, adherence
to compliance standards and stringent security measures is essential to protect sensitive
applicant information and maintain trust in the platform.

Through the adoption of methodologies such as the iterative and incremental model,
along with effective project management practices, the development process can be
managed efficiently, enabling timely delivery of a high-quality system that meets the
needs of stakeholders.
Overall, the online loan application and verification system holds great potential to
revolutionize the loan application process, driving operational efficiencies, enhancing user
experience, and ultimately contributing to the growth and success of financial institutions
and applicants alike.

12.0 References: https://www.slideshare.net/AbhishekJha215/mobile-

based- attandance-system https://meeraacademy.com/dfd-for-student-
attendance- management-system/ https://chat.openai.com/c/88f87bef-
502e-48a8-8e3b-65b41ea65679
 Teacher evaluation sheet
Student name: MAHADIK VAISHNAVI Enrolment no:2205630217
Program: - Information Technology

Course Title: Software Engineering Code: 22413

Tile of the project: Online loan application and verification system
*Course Outcomes Achieved:
a. Select a suitable Software Process model for software development.
b. Prepare software requirement specifications.
c. Use Software modeling to create data designs.
d. Estimate size and cost of software product.
e. Apply project management and quality assurance principle in software development.
Evaluation as per Suggested Rubric for Assessment of Micro-Project
Sr. Poor (1-3) Averag Good Excellent Sub
No Characteristics to be assessed e (4-5) (6-8) (9-10) Total
(A) Process and Product Assessment (Convert above total marks out of 6 Marks)

1 Relevance to the course

Literature Review /
2 Information Collection
Completion of the Target as
3 per project proposal
4 Analysis of Data and representation

5 Quality of Prototype / Model

6 Report Presentation

(B) Individual Presentation / Viva (Convert above total marks out of 4 Marks)

7 Presentation

8 Viva

(A) Process and Product (B) Individual Presentation /

Assessment (6 Marks) Viva (4 Marks) Total Marks (10)

Comments / Suggestions about team work / leadership / inter-personal communication (If

any): Name & Designation of the Faculty Member: Mr. Nilesh Vispute
Dated signature: -----------------------
 Teacher evaluation sheet
Student name: VINIT PATIL Enrolment no:2205630218
Program: - Information Technology

Course Title: Software Engineering Code: 22413

Tile of the project: Online loan application and verification system
*Course Outcomes Achieved:
a. Select a suitable Software Process model for software development.
b. Prepare software requirement specifications.
c. Use Software modeling to create data designs.
d. Estimate size and cost of software product.
e. Apply project management and quality assurance principle in software development.
.Evaluation as per Suggested Rubric for Assessment of Micro-Project
Sr. Poor (1-3) Avera Goo Excellen Sub
No Characteristics to be assessed g e(4-5) d(6 t(9-10) Total
- 8)
(A) Process and Product Assessment (Convert above total marks out of 6 Marks)

1 Relevance to the course

Literature Review /
2 InformationCollection
Completion of the Target as
3 per projectproposal
4 Analysis of Data and representation
5 Quality of Prototype / Model
6 Report Presentation

(B) Individual Presentation / Viva (Convert above total marks out of 4 Marks)

7 Presentation
8 Viva

(A) Process and Product Assessment(6 (B) Individual Presentation / Viva(4

Marks) Marks) Total Marks (10)

Comments / Suggestions about team work / leadership / inter-personal

communication (If any): Name & Designation of the Faculty Member: Mr. Nilesh
Vispute
Dated signature: -----------------------
 Teacher evaluation sheet
Student name: SAYED HAMZA Enrolment no:2205630219
Program: - Information Technology

Course Title: Software Engineering Code: 22413

Tile of the project: Online loan application and verification system
*Course Outcomes Achieved:
a. Select a suitable Software Process model for software development.
b. Prepare software requirement specifications.
c. Use Software modeling to create data designs.
d. Estimate size and cost of software product.
e. Apply project management and quality assurance principle in software development.
.Evaluation as per Suggested Rubric for Assessment of Micro-Project
Sr. Poor (1-3) Averag Good Excellen Sub
No Characteristics to be assessed e (4-5) (6-8) t (9- Total
10)
(A) Process and Product Assessment (Convert above total marks out of 6 Marks)

1 Relevance to the course

Literature Review /
2 Information Collection
Completion of the Target as
3 per project proposal
4 Analysis of Data and representation

5 Quality of Prototype / Model

6 Report Presentation

(B) Individual Presentation / Viva (Convert above total marks out of 4 Marks)

7 Presentation

8 Viva

(A) Process and Product (B) Individual Presentation /

Assessment (6 Marks) Viva (4 Marks) Total Marks (10)

Comments / Suggestions about team work / leadership / inter-personal

communication (If any): Name & Designation of the Faculty Member: Mr. Nilesh
Vispute
Dated signature: -----------------------