India should have some formal credit evaluation credit check companies like in USA. They will give a score on 1000 points. In that case there will be no need for personal judgment.
It all depends on what the credit rating officer thinks about you or the approving authority thinks about you. If their mood is not good on a particular day, your application stands no chance. I haven't applied for a loan in public sector banks, but have applied for a loan in couple of private banks. The first one, where I had my salary account for the past 10 years, rejected my application without giving any reason, that too after making me wait for a couple of weeks. The second bank gave me the loan amount within 3 days, by looking at the track record of my account and the job profile. And yes, I meet all the required damned criteria mentioned here and much more than those. Hence, my advice is that do not even consider going for a loan unless you are in desperate need. It's not a good thing at all.
Re: Autocratic Officers
by guru on May 23, 2011 09:06 AM
Dear Sir Similar experience I faced with Nationalised Bank, Syndicate bank.I took up the matter upto higher level. Last the result is approving a loan is the prerogarative of Branch Manager. so if you can convince the Manger loan is okey other wise no. This system must change and some criteria must be introduced by RBI/ Finance Ministry. Smae time I got the loan approved from a Pvt firm in less than 10 days. The Nationalise Banks are a headache for people whio belive in the number of welfare schemes announced by Govt. Govt also least bothered to cross check the implementation of such schemes., thro such banks, who makes people to run between pillar to post
Re: Re: Autocratic Officers
by wilson chandran on May 23, 2011 09:27 AM
If requisite papers are furnished no banker will reject loans. Then how the banks are able to increase the lending portfolio every year more than 20%. Why are they conducting loan melas- just to increase the advance portfolio. No good customers are allowed to slip everywhere. Over ambitious persons without analysing themselves only blame the banks by comparing foreign banks/countries. During 1969, banks who have a total business of over 50 crores were nationalised. In 40 years almost all those banks have a business of over 2.00 lakh crores. Without lending no bank can grow/earn profit. Pl dont put the blame on others
Govt is giving incentives/subsidies/tax-exemptions to Tata/Infosys/Reliance to export their cars/software etc. But stops Indian farmers from exporting their crops to foreign countries.
If this continues we'll revoke the 1932 Round Table Conference Resolution to seek Autonomy/Homeland for Muslims/Christians/Anglo-Indians/Sikhs/SC/ST communities via a Bill in Indian Parliament.
Re: .
by wilson chandran on May 23, 2011 09:01 AM
Idiotic view. Where will you get food. To earn income export is allowed. We cannot export if donot have adequate. In the name of caste certain sector (minority people) have dominated the majority people. To uplift the downtrodden freebees are given. The so called upper caste is unable to bear
