Open a Loan Account

Introduction

The Open a Loan Account screen allows the user to apply for any of the different loans being offered by the Bank.

Navigation

  • The Open A Loan Account screen is displayed.

What you can do

The table below provides a brief description of the data that should be entered on the screen and the functions you can perform:

Field

Description

Note:

  1. The different Loan hyperlinks are displayed in this screen. You can click on the link for which you want to apply.

  2. The Apply for Car Loan link has been given below.

CAR LOAN

Basic Loan Details

Loan Amount

The amount of loan required. The currency can be selected from the drop-down. This is a mandatory field.

Loan Start Date

The loan application date. This is a mandatory field.

Mode of Disbursement

The mode in which the loan has to be disbursed to the customer.

Valid Values:

Credit to Account

By Cheque

Security

The collateral provided against the loan. By default for car loan, the vehicle will be hypothecated.  Any other security can also be provided.

Purpose

The reason for application of the loan.

Interest and Related Fees

Interest Rate

The default and other rates will be displayed.  The customer can select the relevant options for specifying the interest rate at which the loan is being applied for.  Provision is also available to provide customer preferential rates.

Valid Values:

Bank default rate

Prime Lending rate + Bank margin rate

Customer Preferential Rate

Prime Lending rate + Customer Preferential interest rate for Bank margin

Penal Interest Rate  

The penalty rate will be displayed.

Loan Maintenance Fee

The loan maintenance fee, if any, will be displayed.

Loan Sanction Fee

The loan sanction fee, if any, will be displayed.

Preclosure Penalty

The preclosure penalty, if any, will be displayed

Payment Options

Interest Payment Mode

The mode in which customer wishes to pay the interest.

Valid Values:

Debit to Account

By Cheque

Principal Payment Mode

The mode in which customer wishes to pay the principal.

Valid Values:

Debit to Account

By Cheque

Loan Details

Eligibility

The eligibility details for availing the car loan is displayed.

Margin

The margin percentage of the car value, the user has to provide is displayed.

Conditions

Any other conditions and rules regarding documentation, the bank wants to specified will be displayed here.

Debit Service Charge Account

Select the account from which charges are to be debited from the drop-down.

 

Click

To

Submit to Relationship Manager

Submit the loan application form. Enter the user name and transaction password to confirm the submission. On Offline submission of request, it is processed after a period of time as indicated by the bank through a relationship manager.

Back

Return to the previous screen.