Discuss Retail Lending Products within the Financial Management ( FM ) forums, part of the Resolve Your Query - Get Help and discuss Projects category; Retail Lending Products Major retail lending products offered by banks are the following: I. Housing Loans II. Loan for Consumer ...
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Retail Lending Products
Retail Lending Products - September 23rd, 2010
Retail Lending Products
Major retail lending products offered by banks are the following:
I. Housing Loans
II. Loan for Consumer goods
III. Personal Loans for marriage, honeymoon, medical treatment and
IV. Education Loans
V. Auto Loans
VI. Gold Loans
VII. Event Loans
VIII. Festival Loans
IX. Insurance Products
X. Loan against Rent receivables
XI. Loan against Pension receivables to senior citizens
XII. Debit and Credit Cards
XIII. Global and International Cards
XIV. Loan to Doctors to set up their own Clinics or for purchase of medical equipments
XV. Loan for Woman Empowerment for the Setting up of
• Setting up of beauty parlours
• Setting up of creches
• Setting up of flower shops
• For making jaipuri quilts etc.
• Preparation and supply of Food Tiffins
XVI. Loan for purchase of acoustic enclosures for Diesel Gen. Sets etc
Retail Banking Products for Depositors
Retail banking products for depositors in various segments of customers like; children, salaried persons.
Senior citizens, professionals, technocrats’ business men, retail traders and farmers etc. include:
a. Flexi deposit Accounts
b. Savings Bank Accounts
c. Recurring Deposit Accounts
d. Short Term Deposits
e. Deferred pension Linked Deposit Schemes
Today pure deposit type products are giving way to multi-benefit, multi-access genres of banking products.
Most of the innovation is taking place in saving bank accounts to make the meager return of 3.5% p.a. that they earn, more attractive.
Most of the banks now offer Sweep in and sweep out account, called 2-in-1 accounts or value added savings bank accounts.
This account is a combination of savings bank and term deposit accounts and offers twin benefit of liquidity of a savings bank account and higher interest earning of term deposit accounts.
•Add-ons and Freebies:-
To make their products and services more service more attractive so as to woo maximum number of customers, the banks are vying with each other with whole lot off rills, goodies, freebies are as under:
1. Free collection of specified number of outstation instruments
2. Instant credit of outstanding cheques up to Rs.15000/-
3. Concession in exchange on demand drafts and pay-orders and commission on bills of exchange
4. Issuance of free personalized cheques books
5. Free issuance of ATM, Debit, Credit and add-on Cards
6. Free investment advisory services
7. Grant of redeemable reward points on use of credit cards
8. Free internet banking, phone banking and any where banking facilities
9. Issuance of discount coupons for purchase of various products like computer accessories, music CDs, cassettes, books, toys, garments etc.etc.
10. Last but not the least, issuance of free PVR, Trade Fair tickets etc.
11. Concession in rate of interest on Group advances
12. Exemption in upfront fees
These concessions, freebies and add-ons are based on the True Relationship Value of customers and is calculated by the return on various products and services of the banks availed by them.
These concessions and freebies are usually offered for purchase of consumer goods but now they have become an integral part of retail Banking products and services also
• Other Retail Banking Services:-
Offer of several frills and goodies is not the end of the game. Banks also offer following Retail Banking services free of charges to customers:
1. Payment of utility bills like water, electricity, telephone and mobile phone bills
2. Payment of insurance premiums on due dates
3. Payment of monthly/quarterly education fee of children to their respective schools
4. Remittance of funds from one account to another
5. Demating of shares, bonds, debentures, and mutual funds
6. Payment of credit card bills on due dates
7. Last but not the least, the filing of income tax returns and payment of income tax
Re: Retail Lending Products
Re: Retail Lending Products - April 21st, 2016
Please check attachment for Understand the Retail Banking Aspects, so please download and check it.
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