NEWS & ADVICE : HOME LOANS
12 point conduct checklist for bank and financial institutions in India
By Neelima Shankar
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Banks and financial institutions touch almost every body's life in more than one ways. From a simple savings account to credit cards, fixed deposits, personal loans, car loans, education loans, home loans etc. they offer a host of services. With Banks and lending institutions playing such a big role, do we know what should be their ideal conduct? Here is a list of things that you should expect from your bank or financial institutions while taking a loan.

1. The customer should be provided with all the necessary information about a particular product so that he is able to determine the pros and cons of that particular product.

2. If a customer has applied for a loan, his application should be acknowledged and a time frame should be give within which the bank will take its decision and convey it to the applicant.

3. The banks should decide a time frame within which all the shortcomings regarding a loan application should be communicated to the customer.

4. The banks and financial institutions should clearly communicate the interest rates on different loan products through various popular media like the bank's branches, outlets, website, print and other media.

5. All borrowers should be informed periodically about the interest rates applicable to their loans.

6. Any revision in the interest rates should be communicated to the concerned borrower with in specified time frame by various popular communication methods.

7. The default or penal interest rates should be mentioned clearly to the borrower.

8. The conditions on which the bank will charge a default or penal interest rates and what conditions will revoke the penal interest rate should also be mentioned clearly.

9. Any other charges applicable to loan and other banking products should be communicated to the customer while accepting the applications.

10. All the terms and conditions applicable to the loan should be given in a document format to the borrower and it should contain full details about the amount of loan sanctioned, responsibilities of the borrower, responsibility of the bank and any other terms applicable to the loan.

11. The bank and financial institution should respect the privacy of its customers and follow strict privacy guidelines. The personal information of the customer must be confidential and should not be disclosed to any third party unless agreed to by the customer. Exceptions if any to this privacy policy should be communicated to the customer.

12. The banks and financial institutions should maintain a grievance redressal mechanism, which should receive customer's complaints and suggestions, and provide a suitable time frame for their solutions.


(Comments Posted : 24) Post Your Comments
1. Greetings to you by ADIA.

We are a France-Paris based investment company known as Avit
Development Investment Authority working on expanding its portfolio
globally and financing projects.

We would be happy to fund and invest with you in any profitable
project if you have any viable project we can finance by making mutual
investment with you. If you are interested, kindly contact us
on:avitinvestmentauthority2@gmail.com for more details.

Looking forward hearing from you soonest.

Yours truly,
Mrs Kristina Anderson
(Personal Assistant)
Avit Development Investment Authority(ADIA)
501 Avenue Montaigne,75008 Paris-France
Paris-France.Avit Development Investment Authority (ADIA)
Avit Investment (Posted: Feb 12, 2016)
2. Hello,i am Mr wayne hampton, a private
loan lender who
gives life time opportunity loans.
Do you need an urgent loan to clear your
debts or you need a capital loan to improve
your business?
have you been rejected by
banks and other financial agencies? Do you
need a consolidation loan or a mortgage?
search no more as we are here to make all
your financial problems a thing of the past.
We loan funds out to individuals
in need of financial assistance, that have a
bad credit or in need of money
to pay bills,to invest on business at a
rate of 2%.I want to use this medium to
inform you
that we render reliable and beneficiary
assistance and will be willing to offer you a
loan.So email us today on :
w.hamptonloanfirm@gmail.com.

If this befits your expectations, then we can move on, I would like
you to tell the exact amount you require as a loan and the urgency of
this transaction for further proceedings are completed and submitted
the necessary information below.

LOAN APPLICATION FORM PLEASE FILL AND RETURN:

Name:
Surname:
Date of Birth:
Gender:
Next of kin (full name):
E-mail:
Phone:
Mobile or cell:
Fax:
Monthly Income:
Address:
Work address:
Occupation:
City:
Country:
Have You Applied Before?:
Loan Amount Needed:
Loan Duration:
Purpose of loan:


Thanks and God Bless
wayne hampton.
wayne hampton (Posted: Jan 16, 2016)
3. Hello,i am Mr wayne hampton, a private
loan lender who
gives life time opportunity loans.
Do you need an urgent loan to clear your
debts or you need a capital loan to improve
your business?
have you been rejected by
banks and other financial agencies? Do you
need a consolidation loan or a mortgage?
search no more as we are here to make all
your financial problems a thing of the past.
We loan funds out to individuals
in need of financial assistance, that have a
bad credit or in need of money
to pay bills,to invest on business at a
rate of 2%.I want to use this medium to
inform you
that we render reliable and beneficiary
assistance and will be willing to offer you a
loan.So email us today on :
w.hamptonloanfirm@gmail.com.

If this befits your expectations, then we can move on, I would like
you to tell the exact amount you require as a loan and the urgency of
this transaction for further proceedings are completed and submitted
the necessary information below.

LOAN APPLICATION FORM PLEASE FILL AND RETURN:

Name:
Surname:
Date of Birth:
Gender:
Next of kin (full name):
E-mail:
Phone:
Mobile or cell:
Fax:
Monthly Income:
Address:
Work address:
Occupation:
City:
Country:
Have You Applied Before?:
Loan Amount Needed:
Loan Duration:
Purpose of loan:


Thanks and God Bless
wayne hampton.
wayne hampton (Posted: Jan 16, 2016)
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