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Bank Loan Officer Assignment Interview Questions And Answers by Mba Qualified Experts
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Message: Loan Officer Assignment
Deadline: As per required
Imagine client should be working as a loan officer, a client is interested in getting a car leased or house mortgaged or project financed for new business; explain him in detail the procedure of lending. Do mention the documents required and make a disbursement schedule.
Answer: If I am working as a loan officer, I will tell the client about how much less markup we are offering compared to others. Then I will start to discuss with them how much easy and flexible our payment system would be. Then I will ask him about if he is previously a member of our bank and then I’ll ask him about the monthly salary he/she gets and will give him options of the cars he can afford. If the client has his/her own choice in the mind, for example, he wants to lease a Honda Civic X, then I will calculate and tell him about how much monthly he would have to pay for his desired car.
Then I will discuss the terms of the bank with the client.
- The client should be a Pakistani national
- The client should be 21 to 59 years old
- The client should be a salaried individual working as permanent staff
- The client should be a maintaining salary account with ABL for at least six months
- Client’s net monthly salary is Rs.40,000/- or more
- Client’s length of employment with the current employer is minimum of 03 years
Then I will tell him about the benefits of using my bank.
- No hidden costs
- Financing up to Rs. 6 Million
- The highly competitive markup rate
- Simple and easy documentation
- The facility of up to 80% of financing
- No Processing Fee in case of rejection of car loan application
- Easy and swift application processing with a minimum turnaround time
- Flexibility to Choose the Repayment Period up to 7 years. (12 to 84 months repayment)
Then I will tell him/her about the required documents
- Last 06 months’ Bank Statement
- Copy of CNIC/NICOP/ Smart NIC
- 2 recent passport size photographs
- Last two months’ Salary Slip or Salary Certificate, clearly indicating gross and net salary with details of all deductions
- Complete and duly signed “Application Form” with signature verification from the branch.
As a loan officer, I know what type of common questions clients ask so I will tell the client beforehand. For example, the companies from which my bank could facilitate i.e.
1– Any new locally manufactured car / semi-commercial vehicle of the following Original Equipment Manufacturers (OEMs) can be financed:
Indus Motor Company Limited
Honda Atlas Cars Pakistan Limited
Pak Suzuki Motor Company Limited
2– Client’s monthly instalments will be deducted from the client’s account maintained at ABL against Client’s Direct Debit instructions or as the Bank may advise.
3-The markup rate would be 4%
4-Client can make two balloon payments in tenure which should be equal to a payment of 6 months each.
5– The financed vehicle will be secured throughout the tenure of financing through Comprehensive Insurance of full value of the vehicle. Further tracker is a mandatory requirement of insurance cover.