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Retail Lending Products

Retail Lending Products

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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Sunanda K. Chavan
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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
holding etc.


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
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