What is the loan application process?
- The loan application process effectively begins when all required documents have been received and admitted by the Bank.
- The documents are reviewed and processed accordingly.
- The loan application is approved, if it meets the Bank’s minimum risk acceptable criteria.
- An offer letter is issued by the Bank to the loan applicant. The offer letter contains the features, terms and conditions of the loan, including the pre-disbursement conditions required prior to the disbursement of the loan amount.
- Subject to meeting all pre-disbursement conditions, including payment of all required fees and charges, the loan sum is disbursed to the equipment suppliers and/or other beneficiaries as approved.
12 of 17 people found this helpful.