a) During the first stage of lending procedure company’s loan specialist conducts an interview with the customer. During the interview the specialist introduces types of lending procedures carried out by the company, their characteristic features and conditions, afterwards clarifies the overall customer-related information, necessary for objective assessment of customer’s creditworthiness and (or) rejection and exclusion of customers evidently not complying to lending conditions in this stage.
b) In case if the customer accepts lending conditions offered by the company he/she presents an application in the name of company’s CEO.
c) By the time the application is presented an employee of loan department undertakes the process of review of the loan offer and compiles the credit file of the customer. Particularly the necessary documents are.
- Customer’s passport
- A reference from habitation place about the family’s structure
- Passports of members of the family
- Reference about incomes (from employer, etc.)
- Copy of work contract
- In case of real estate’s collateral, estates property certificate
- A reference about restrictions on the property
d) In the third stage of lending the loan specialist evaluates customer creditworthiness after having collected all necessary documentation package, giving significant importance to compliance of the data obtained during interview to the information included in presented documents.
e) In the outcome of review of customer application the loan specialist compiles loan offer evaluation opinion, no matter if it’s negative or positive. Evaluation opinion is first presented to the Head of Loan Department of the company, and then to the Deputy CEO.
f) The final decision on customer’s lending proposal is taken during company’s credit committee session by its relevant resolution. In case if the credit committee rejects customer’s loan proposal it gives a written explanation (enclosing certain documents, if needed) to the customer. In case if the credit committee approves the loan proposal, it informs the customer about it, who carries out required insurances in certain cases and makes final assessment of collateral property.
g) Head of company’s Loan Department submits the copy of necessary insurance agreement (insurance policy) and the final report of evaluation of the market value of collateral property together with all other necessary documents for compilation of the loan file and loan processing.
h) In general the final decision on customer’s application is made not later than within 7 (seven) working days after collection of loan documentation.In case if the application is approved, loan processing is fulfilled within maximum 5 (five) working days.
In case if the customer does not perform his loan liabilities, the company can confiscate the object of collateral according to the loan agreement.
In case if the loan liabilities are covered by the sale of collateral and its value is not sufficient for covering the whole liability, the company can cover it by your other property.
If you do not perform your loan and interest payments this information is fixed in the Loan register.