The present traditions of banks are now being changed, the banks now run for the retail customers besides the corporate customers. Moreover the number of banks and their branches in every city is increasing day by day so at present every bank tries to knock in every single person of each city. In our country a good number of the people are middle class, to meet their need every bank try to reach this class of people with the variety of segmented loans. Like the other banks, Prime Bank retail loans help the middle income group and help them to fill there desire and give theme a new way to live. Prime Bank retail loan include the house hold durable loans, education loan, car loan, any purpose loan, marriage loan, advance against salary, hospitalization loan, travel loan, doctors loan, CNG conversion loan with a simple condition. For getting the consumer loan from the Prime Bank, one may need to fill the application form and also required the other documents, after that no inquire is needed for the loan and the customers can get the loan with in the shortage possible time. The first stage of credit assessment and approval process is a customer application. The application must provide adequate information to enable the bank to assess the credit. As a minimum, the application must request for sufficient information to verify the existence of the individual and to facilitate the collection effort, including skip tracing and security checks. The information in the application must also established “Know your Customer” (KYC). Specific information should include;

- Telephone and address contact details
- Employment/business details.
- Income details
- Income & Expenditure Statement
- Personal Net worth Statement
- Residence details
- Credit references and guarantors details

All application must be checked for complete information so that initial review of the application enables the selection of better proposal for accelerated processing and quick reflection of those that do not meet minimum criteria of the product. However, application should not be rejected purely on the basis of incomplete information if the proposal merits consideration appropriate follow up should be initiated. After the application the bank officers scrutinizes the applications, than after the assessment the loan proposal is sent to the head office to check and approved the loan. After satisfaction of the application the higher authority approved the loan and sent it to the specific branch to conduct the next process.

The loan is sanction to the customer by the branch after completing the disbursement process. And to complete the whole process the Prime Bank takes a few days which may be the model for the others. The interest of the consumer loan in between 15% to 18% and the any purpose loan of the Prime Bank gives the freedom to the customers to use the amount in any purpose. More over the variety of the segmentation of the Prime Bank’s retail loan and overall performance makes them to become one of the most successful bank of Bangladesh with in the short time.

- Article Written By: Md. Mahfuzur Rahman, BankInfoBd