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What precautions should be taken by banks while giving loans and advance to its customers?
Wiki User
∙ 10y ago
First of all a detailed interview should be taken of the borrower. Ask them about their name,age,profession, salary slip/IT Returns, residence , bank a/c details etc and ask them to produce original documents that proves their identity. Note down all the details on a paper and take Xerox copies of all the documents which will help you on your independent inquiry. Ask the customer to come back after two to three days. Meanwhile there are lot of sites available on the internet that helps you to verify the genuineness of the details given by the borrower. If you are satisfy with the genuineness then go for spot verification( obviously without informing the borrower). On your spot verification be bold to ask to neighbors their fellow workers, boss etc about the five "C" of the borrower.If everything goes well go ahead and if at all any of the documents are found fake drop the loan application like a hot potato.
Wiki User
∙ 10y ago
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