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  • 16 dt.23.09

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    Nishesh Kumar Srivastava
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    This document from Punjab National Bank outlines new time norms for processing and approving retail loan applications. It states that loan applications up to Rs. 25,000 should be processed within 2 weeks, and those over Rs. 25,000 within 8-9 weeks. However, it then establishes new maximum time frames of 10 days for sanctioning and disbursing housing, car, gold, pension, education, and doctor loans, and 7 days for personal loans, once a complete application is received. Branch offices are told to provide a checklist of requirements and only ask for information beyond what was submitted.

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    This document from Punjab National Bank outlines new time norms for processing and approving retail loan applications. It states that loan applications up to Rs. 25,000 should be processed within 2 weeks, and those over Rs. 25,000 within 8-9 weeks. However, it then establishes new maximum time frames of 10 days for sanctioning and disbursing housing, car, gold, pension, education, and doctor loans, and 7 days for personal loans, once a complete application is received. Branch offices are told to provide a checklist of requirements and only ask for information beyond what was submitted.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    Download as doc, pdf, or txt
    4 views1 page

    16 dt.23.09

    Uploaded by

    Nishesh Kumar Srivastava
    This document from Punjab National Bank outlines new time norms for processing and approving retail loan applications. It states that loan applications up to Rs. 25,000 should be processed within 2 weeks, and those over Rs. 25,000 within 8-9 weeks. However, it then establishes new maximum time frames of 10 days for sanctioning and disbursing housing, car, gold, pension, education, and doctor loans, and 7 days for personal loans, once a complete application is received. Branch offices are told to provide a checklist of requirements and only ask for information beyond what was submitted.

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    Download as DOC, PDF, TXT or read online from Scribd
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    PUNJAB NATIONAL BANK RETAIL BANKING DIVISION HO: 5 SANSAD MARG, NEW DELHI September 23, 2002 TO ALL

    OFFICES RETAIL BANKING DIVISION: ADVANCES: CIRCULAR NO. : 16 RETAIL LENDING SCHEMES TIME NORMS Attention of Incumbents is invited to L & A Circular No. 27 dated 16.4.1999 regarding Loan Applications/Proposals - Other than PS Advances Guidelines. In the circular under reference it is, inter-alia, provided that all loan applications in respect of credit limits upto Rs.25000/- should be disposed off within a maximum time limit of a fortnight. Similarly, all applications for credit limits over Rs.25000/should be disposed off within 8 to 9 weeks. 2. In the present scenario expectations of the customers with regard to decision on request for loan made by them are high. Banking Industry is also witnessing intense competition to woo the customers. Further, Indian Banks Association has also given recommendations on Time Norms for disposal of loan applications. 3. It has accordingly been decided to have Time Norms for Retail Loan Schemes viz. Housing, Car, Gold, Pensioners, Education and Professionally Qualified Medical Practitioners as under:

    Sanction and Disbursement of loan be subject to a time frame of maximum ten (10) days from date of receipt of complete application by the Branch provided application received is complete in all respect and is accompanied by all the requisites. During this period Branch to ensure that proper pre-sanction appraisal is carried out. Branches to provide complete checklist of information/document(s) required from the prospective borrower(s) in respect of their request for loan during their first interaction/meeting itself. Subsequent information/document(s), if any, required be based on the information/document(s) already submitted by the prospective borrower.

    4. Time Norm of maximum seven (7) days for disposal of loan application in respect of Personal Loan Scheme already stands prescribed in terms of RBD: Advances: Circular No.4 dated 4.4.2002. 5. All concerned are advised to take note of the above guidelines and ensure that the same are meticulously complied with. (SUSHMA BALI) ASSTT. GENERAL MANAGER INDEX: TIME NORMS RETAIL LENDING

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