Pre-Sanc­tion For­mal­i­ties

Consumer Voice - - BFSI -

An in­ter­ac­tion fol­lows with the deal­ing bank of­fi­cial af­ter hand­ing over of the bank ap­pli­ca­tion form to the prospec­tive car buyer. De­tails of ex­ist­ing bank ac­count, type of pro­fes­sion, qual­i­fi­ca­tion, ex­ist­ing bank-ac­count state­ments, in­come, fil­ing of in­come-tax re­turns, etc., are sought to as­sess the prospect’s el­i­gi­bil­ity for the loan. If the car buyer does not have a bank ac­count, ‘know your cus­tomer’ norms are also to be com­plied with on open­ing of a bank ac­count. The ap­pli­ca­tion form is duly filled in by the prospec­tive loan client and is

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