Description
A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly by loaning or indirectly through capital markets. A bank is the connection between customers that have capital deficits and customers with capital surpluses.
Project Report on First Women Bank
THE BANK The term “BANK” is derived from an Italian word “BANKO” which means “Bench” that is where people were meet and solve their financial matters. The term bank is being used for a long time yet it has no precise definition. The basic reason is that the banks perform not just one but many types of functions originally the banks were supposed to make short term loans to the traders only. The banks now not only make short term loans to the formers, traders , industrialist etc. But also invest in a wide variety of long term earning assets. The commercial banks also undertake and execute trust, deal in stock, shares and debentures, issue guaranties and indemnities underwrite and sell new securities, and deal in foreign exchange etc. However some of the definitions of bank from different authors are as follows. According to Dr. Hart “Banker or bank is a person or company carrying on business of receiving money and collecting drafts for the customers subject to the obligation of honouring cheques drawn upon them from time to time by customers to the extends of the amounts available on their currents accounts” In the words of G W Gilbert “A banker is a dealer in capital or more properly a dealer in money. He is an intermediate party between the borrower and lender. He borrows one party and lends to the another”
TYPES OF BANKS
1. Central bank or state bank. 2. Commercial bank. 3. Exchange bank.
4. Industrial bank. 5. Agriculture bank. 6. Investment bank. 7. Saving bank. CENTRAL BANK Every country has its central bank or state bank. Its major function is to carry out a country’s monetary policy with an aim to safeguard its financial and economic stability. It has the monopoly of note issue. It is also the custodian of money market. State bank is the Banks bank and lender to the government. COMMERCIAL BANK Commercial banks are profit earning concerns. They receive deposits and advance loans to the borrows. They greatly help in financing for internal and external trade of the country.
EXCHANGE BANK The main function of the exchange bank is to finance the foreign trade by the purchase and sale of foreign currencies in the form of drafts, bills of exchange, telegraphic transfers. They also perform the function of commercial bank. Receiving deposits and advancing loans. INDUSTRIAL BANKS Commercial bank cannot afford to block their funds in long term investments. The industrial banks receive long term deposits and finance the industries by providing them long term credits. In Pakistan the Industrial bank named as Industrial Development Bank of Pakistan (I.D.B.P) was established in 1961 for this purpose. AGRICULTURAL BANK Agricultural bank provides short and long period loans for financing agriculture. The agriculturists need short and long term loans for meeting their day to day and long term requirements for making permanent improvement in the land. In Pakistan Agricultural Bank is named as Agricultural Development bank of Pakistan (A.D.B.P) and it was established in 1961
INVESTMENT BANK The main function of investment bank the merchandising of shares and other securities, managing and distributing the issue of shares and other securities. SAVING BANKS These are the institutions which are sponsored by the government for having facilities to the people and small means. These bank collect small saving of people and allow them to withdraw in small amounts. Also another institution i.e. National Savings is working in the same capacity. FIRST WOMEN BANK Introduction: OWNERSHIP STRUCTURE First Women Bank Ltd. was incorporated as a Scheduled Commercial Bank in Public Sector as Public Company Ltd by shares on 21st November 1989 Under Companies Ordinance 1984 & Commenced its business on 2nd December 1989 with a paid up capital of Rs. 100 million (Now enhanced to Rs. 200 Million) 90% of which was contributed by five leading public sector Banks of the country viz: National Bank of Pakistan, Habib Bank Limited, Muslim Commercial Bank Limited, United Bank Limited and Allied Bank of Pakistan Limited in varying proportions and 10% had come from Federal Government. Its Board of Directors consists of President of the Bank (FWBL) as Chairperson and the Presidents of all the shareholding Banks as Directors and also a Federal Government Nominee. Registered Office of the Bank including Central Office is located in Karachi. Back Ground The Bank was established with a sole purpose of providing all Banking facilities specially credit facility to women in a very congenial atmosphere. Since it is a universal phenomenon that women for their disadvantaged position regarding assets ownership are discriminated in the matter of credit by Financial Institutions, therefore to facilitate women to enter into income generating activities their basic requirement of institutional credit was to be ensured. As such FWBL was launched to eater to credit needs of women from low income
group as well as women of means to enable them to actively participate in economic process and strengthen their own socio economic status. AIMS & OBJECTIVES OF THE BANK The basic aim of the Bank is to empower women specially those from low and middle income groups economically through facilitating their induction in economic process. To achieve this the Bank offers not only conventional Banking services but also various non traditional services to women folk in a feasible & productive manner. Enhance Socio Economic Status by encourage & provide opportunities for their self development Professional as well as Social. Provide job opportunities to both divorced & indorsed. The bank is not rigidly restricted to women only. Male clients are also welcomed provided they maintain joint personal accounts with female members of their family or if they are partners and directors in Firms where major share holding in Paid up capital and management is with women. Male exclusive accounts can also be opened it recommended/introduced by a female account holder. Strategy to Achieve the Objectives The Bank is offering all conventional services which are offered by commercial Banks all over the world. However with the basic aim of creating economic empowerment for women, women are motivated to take up income generating activities by making available to them not only easy credit but also:1. Entrepreneurial skill development training programmes to enable them to update their management, marketing, technical and behavioral skills. 2. Develop market for the products of our clients through product display counters/window arranged at leading branches of the bank. 3. Identify market outlet by arranging exhibition of client's products in five star hotels and encourage & support clients to display their products in exhibitions held abroad. 4. Promote computer literacy amongst Women entrepreneurs and women from all walks of life to equip them to meet challenges of 21st century. To prompt women to save through banking channels (instead of investment in jewelry and property etc.) the bank apart from conventional deposit schemes, has introduced special saving schemes which not only provide high rate of return on saving but facilitate them monthly budgets which lake through IPSS "Instant Profit Saving Scheme" . This scheme is very popular among retired persons, widows and persons with fixed monthly income.
Similarly, in addition to various credit schemes which are in vogue with conventional banks in the country, we have launched special credit schemes for women and students from low income groups who cannot afford any collateral for securing loan from financial institutions. Under this scheme loans up to Rs. 25,000/- are allowed to poorest of the poor without collaterals simply against group guarantee. This scheme entails formation of groups of four women each with the help of concerned NGO/CBO and Bank's Mobile Credit Officers then disbursing loan to group members in phases in such a manner that in the first place only 50% of the group members get the loan (decided through consensus by group members) and remaining 50% are made to wait till two installments are received from initial borrower. That ensures automatic monitoring of business/projects by group members as this respect is that second time loan is allowed to a member of the group. Another condition imposed in this respect is that second time loan is allowed to a member of the group only if there is no default in the group as a whole. Accordingly rate of recovery achieved from this scheme specially in rural area is 100% and secondly chances of misuse of funds have been completely eliminated. MANAGEMENT POLICY: The bank is being run and managed by women with the exception of certain areas like security arrangements, dispatch rider work and chauffeurs etc. for which male staff has been inducted. Secondly for the benefit of women entrepreneurs from different income groups it is imperative on the part of top management to float such credit schemes which suit their requirements. Similarly to motivate women to save and place their savings with the Bank, efforts are made to introduce high return savings schemes. Thirdly the services of the Bank specially credit facilities are to be extended to rural population also irrespective of the fact that Bank's branches are located mostly in big cities. For that bank has inducted 11 mobile credit officers and also has associated quite a number of NGOs in credit disbursement programme in rural areas. The powers of loan sanctioning, expenses, staff recruitment, promotion have been delegated up to Vice President level and upto Managers for loan sanctioning only. Credit policy is devised by Head Office in the light of overall general policy of State Bank of Pakistan and is monitored on day to day basis. Statutory reserve requirements are strictly monitored by Head Office by having informations from branches regarding their balances with State Bank of Pakistan. Annual Revenue Summary
Deposits as on 31-12-2002 Advances as on 31-12-2002 Profit as on 31-12-2002 Head Office & Branches Head Ofiice
6,135,181,028.74 832,487,177.20 121,980,213.77
S.T.S.M Foundation Building, C1-10/20/2, Beaumont Road Civil Line, Karachi- 75530 Pakistan. UAN:111-676-767 FAX # 0515657756
Innovative Schemes The Schemes Followed by the First Women Bank · Saving Schemes · Loan Schemes · Car Finance For Women · Loans For Salaried Women · Business Loans For Women · Existing Financial Products & Services · New Financial Products & Services BUSINESS LOAN FOR WOMEN Businesswomen have only to fill out the relevant application from, attach the required document and get the financing approved in the shortest possible time. They will surely experience the comfort of FWBL's personalized services. Eligibility Criteria
? ? ? ? ?
Businesswoman between the ages of 25-55 years. Woman in business for 3 to 5 years. Borrowing/Equity Ratio -50:50 Satisfactory credit history of business
Financing can only be sought for business investment as working capital or for purchase of sixed assets e.g. Machinery. Product Features:
? ?
Financing between Rs. 0.1 Million to Rs. 0.5 Million.
Mark-up Against Cash Collateral: 13% p.a. Against Property: 18% p.a. Against Jewelry: 18 p.a. Against Plaedge18% p.a.
? ?
Hassle-free, processing of application.
Collateral of sufficient and stable value e.g. hypothecated/pledged. Stocks, adequately and insured against all the usual risks, fixed assets/property document/* Jewelry/ cash collateral, as applicable. * Financing against Jewelry & Pledge w.e.f. 15th April 2002.
?
Loan disbursement within two weeks of completion of all formalities.
Mode of Repayment: 1. Principal: 1. In case of finance for working capital, time-to-time adjustments, with full adjustment to be made atleast once a year. 2. For cases involving purchase of machinery, raw material etc, repayment period to extend from 12 months to 36 months, with grace period (maximum 3 months). 1. Mark-up Actual, per month @ rate indicated under the foregoing item Product Features (mark-up) Processing Fee (non refundable): Rs. 2000/.,per application ( to be paid up front, on acceptance of application). Securing Arrangements:
Hypothecated/pledged stocks of adequate, stable value, duly insured against all the usual risks, to be properly charged in Bank's favour. Security documentation to be complete and perfect, in all respects.
?
Two personal guarantees. Guarantors having a net worth of atleast Rs. 2 Million, with credentials as acceptable to the Bank,accompanied with documentary evidence of Assets.
?
Additional Information/Documents:
? ? ?
Bank Statement for the past 12 months. Financials for the past 3 years.
Customer's undertaking that she has no Case Collaterals/Jewelry or fixed assets, to offer security (if applicable). FOR FURTHER DETAILS OF THIS SCHEME, PLEASE CONTACT THE FWBL BRANCH MANAGER. CAR FINANCE FOR WOMEN FWBL offers a car Financing Scheme, to suit every woman's purse, for buying the car of her dreams! Salient Features:
? ? ? ? ? ?
For Salaried and businesswoman. Financing between Rs. 0.1 Million to Rs. 08 Million, with down payment of 30%. Mark-up at competitive rates. Vehicle to be jointly in the names of the Bank and the Borrower. Speedy processing of application, without any hassles.,
Woman may apply jointly with her spouse (or next of kin), spouse's income will be combined with application's income, to determine the extent to which the loan be afforded and the monthly repayment capacity. Repayment period between 12 months and 36 months, as may be convenient to the applicant.
?
Eligibility Criteria
? ?
Woman between the age of 25-55 years. Copy of NIC/Passport.
This is restricted to salaried woman and those businesswomen who are already in business and are paying income tax for past 2 years.
? ? ? ? ?
Monthly repayment, in case of salaried woman, not to exceed 1/3rd of the employee's "Take-home " salary. Employee to have service contract valid for 18 to 36 months at the time of applying for limit and be in service for the past 3 years. Two personal guarantees.The guarantor to be of sufficient net worth and acceptable to the Bank. Vehicle to be comprehensive insured and jointly registered in the names of the Bank and the Borrower. Mode of Repayment: Monthly: 1. 2. Principle: 12 to 36 equal instalments. Mark up: Actual, per month
Processing Fee:
? ?
Rs. 3000/-, per application. Value added Comprehensive insurance.
LOAN FOR SALARIED WOMEN With a limited income from salary, the salaried woman often faces constra in an effort to balance the family budget. Now, FWBL provides financing, on easy terms, to overcome the difficulties and make life easier. Salient Features:
? ? ? ? ?
Financing between Rs. 0.1 Million to Rs. 0.2 Million. Mark-up at competitive rates. Speedy processing of application, without any hassles.
Woman may apply jointly with her spouse or next of kin. Spouse's income will be combine with that of the applicant, to determine the amount repayment capacity. Easy Repayment terms, with period extending between 12 moths and loan months, as may be convenient to the applicant. Eligibility Criteria
? ? ? ? ? ? ? ? ? ?
Salaried woman, between the age of 25-55 years. Copy of NIC/Passport.
Employee to have service contract valid for 18 to 36 months at the time of applying for limit and be in service for the past 3 years. Two personal guarantees. The guarantor to be of sufficient net worth and acceptable to the Bank Employer's undertaking that employee's salary will be deposited each month, into her account with an FWBL Branch. Salary Certificate, with details of deductions, duty certified by the employer. Income tax Certificate. Bank Statement for the post 12 months. Employee's Provident Fund/Retirement Benefits to be assigned in Bank's favour. Life Insurance Police, for an adequate amount, duly endorsed in favour of FWBL.
Mode of Repayment: Monthly: 1. 2. Principle: 12 to 36 equal instalments. Mark up: Actual, per month
Processing Fee:
?
Rs. 2000/-, per application.
doc_994054935.docx
A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly by loaning or indirectly through capital markets. A bank is the connection between customers that have capital deficits and customers with capital surpluses.
Project Report on First Women Bank
THE BANK The term “BANK” is derived from an Italian word “BANKO” which means “Bench” that is where people were meet and solve their financial matters. The term bank is being used for a long time yet it has no precise definition. The basic reason is that the banks perform not just one but many types of functions originally the banks were supposed to make short term loans to the traders only. The banks now not only make short term loans to the formers, traders , industrialist etc. But also invest in a wide variety of long term earning assets. The commercial banks also undertake and execute trust, deal in stock, shares and debentures, issue guaranties and indemnities underwrite and sell new securities, and deal in foreign exchange etc. However some of the definitions of bank from different authors are as follows. According to Dr. Hart “Banker or bank is a person or company carrying on business of receiving money and collecting drafts for the customers subject to the obligation of honouring cheques drawn upon them from time to time by customers to the extends of the amounts available on their currents accounts” In the words of G W Gilbert “A banker is a dealer in capital or more properly a dealer in money. He is an intermediate party between the borrower and lender. He borrows one party and lends to the another”
TYPES OF BANKS
1. Central bank or state bank. 2. Commercial bank. 3. Exchange bank.
4. Industrial bank. 5. Agriculture bank. 6. Investment bank. 7. Saving bank. CENTRAL BANK Every country has its central bank or state bank. Its major function is to carry out a country’s monetary policy with an aim to safeguard its financial and economic stability. It has the monopoly of note issue. It is also the custodian of money market. State bank is the Banks bank and lender to the government. COMMERCIAL BANK Commercial banks are profit earning concerns. They receive deposits and advance loans to the borrows. They greatly help in financing for internal and external trade of the country.
EXCHANGE BANK The main function of the exchange bank is to finance the foreign trade by the purchase and sale of foreign currencies in the form of drafts, bills of exchange, telegraphic transfers. They also perform the function of commercial bank. Receiving deposits and advancing loans. INDUSTRIAL BANKS Commercial bank cannot afford to block their funds in long term investments. The industrial banks receive long term deposits and finance the industries by providing them long term credits. In Pakistan the Industrial bank named as Industrial Development Bank of Pakistan (I.D.B.P) was established in 1961 for this purpose. AGRICULTURAL BANK Agricultural bank provides short and long period loans for financing agriculture. The agriculturists need short and long term loans for meeting their day to day and long term requirements for making permanent improvement in the land. In Pakistan Agricultural Bank is named as Agricultural Development bank of Pakistan (A.D.B.P) and it was established in 1961
INVESTMENT BANK The main function of investment bank the merchandising of shares and other securities, managing and distributing the issue of shares and other securities. SAVING BANKS These are the institutions which are sponsored by the government for having facilities to the people and small means. These bank collect small saving of people and allow them to withdraw in small amounts. Also another institution i.e. National Savings is working in the same capacity. FIRST WOMEN BANK Introduction: OWNERSHIP STRUCTURE First Women Bank Ltd. was incorporated as a Scheduled Commercial Bank in Public Sector as Public Company Ltd by shares on 21st November 1989 Under Companies Ordinance 1984 & Commenced its business on 2nd December 1989 with a paid up capital of Rs. 100 million (Now enhanced to Rs. 200 Million) 90% of which was contributed by five leading public sector Banks of the country viz: National Bank of Pakistan, Habib Bank Limited, Muslim Commercial Bank Limited, United Bank Limited and Allied Bank of Pakistan Limited in varying proportions and 10% had come from Federal Government. Its Board of Directors consists of President of the Bank (FWBL) as Chairperson and the Presidents of all the shareholding Banks as Directors and also a Federal Government Nominee. Registered Office of the Bank including Central Office is located in Karachi. Back Ground The Bank was established with a sole purpose of providing all Banking facilities specially credit facility to women in a very congenial atmosphere. Since it is a universal phenomenon that women for their disadvantaged position regarding assets ownership are discriminated in the matter of credit by Financial Institutions, therefore to facilitate women to enter into income generating activities their basic requirement of institutional credit was to be ensured. As such FWBL was launched to eater to credit needs of women from low income
group as well as women of means to enable them to actively participate in economic process and strengthen their own socio economic status. AIMS & OBJECTIVES OF THE BANK The basic aim of the Bank is to empower women specially those from low and middle income groups economically through facilitating their induction in economic process. To achieve this the Bank offers not only conventional Banking services but also various non traditional services to women folk in a feasible & productive manner. Enhance Socio Economic Status by encourage & provide opportunities for their self development Professional as well as Social. Provide job opportunities to both divorced & indorsed. The bank is not rigidly restricted to women only. Male clients are also welcomed provided they maintain joint personal accounts with female members of their family or if they are partners and directors in Firms where major share holding in Paid up capital and management is with women. Male exclusive accounts can also be opened it recommended/introduced by a female account holder. Strategy to Achieve the Objectives The Bank is offering all conventional services which are offered by commercial Banks all over the world. However with the basic aim of creating economic empowerment for women, women are motivated to take up income generating activities by making available to them not only easy credit but also:1. Entrepreneurial skill development training programmes to enable them to update their management, marketing, technical and behavioral skills. 2. Develop market for the products of our clients through product display counters/window arranged at leading branches of the bank. 3. Identify market outlet by arranging exhibition of client's products in five star hotels and encourage & support clients to display their products in exhibitions held abroad. 4. Promote computer literacy amongst Women entrepreneurs and women from all walks of life to equip them to meet challenges of 21st century. To prompt women to save through banking channels (instead of investment in jewelry and property etc.) the bank apart from conventional deposit schemes, has introduced special saving schemes which not only provide high rate of return on saving but facilitate them monthly budgets which lake through IPSS "Instant Profit Saving Scheme" . This scheme is very popular among retired persons, widows and persons with fixed monthly income.
Similarly, in addition to various credit schemes which are in vogue with conventional banks in the country, we have launched special credit schemes for women and students from low income groups who cannot afford any collateral for securing loan from financial institutions. Under this scheme loans up to Rs. 25,000/- are allowed to poorest of the poor without collaterals simply against group guarantee. This scheme entails formation of groups of four women each with the help of concerned NGO/CBO and Bank's Mobile Credit Officers then disbursing loan to group members in phases in such a manner that in the first place only 50% of the group members get the loan (decided through consensus by group members) and remaining 50% are made to wait till two installments are received from initial borrower. That ensures automatic monitoring of business/projects by group members as this respect is that second time loan is allowed to a member of the group. Another condition imposed in this respect is that second time loan is allowed to a member of the group only if there is no default in the group as a whole. Accordingly rate of recovery achieved from this scheme specially in rural area is 100% and secondly chances of misuse of funds have been completely eliminated. MANAGEMENT POLICY: The bank is being run and managed by women with the exception of certain areas like security arrangements, dispatch rider work and chauffeurs etc. for which male staff has been inducted. Secondly for the benefit of women entrepreneurs from different income groups it is imperative on the part of top management to float such credit schemes which suit their requirements. Similarly to motivate women to save and place their savings with the Bank, efforts are made to introduce high return savings schemes. Thirdly the services of the Bank specially credit facilities are to be extended to rural population also irrespective of the fact that Bank's branches are located mostly in big cities. For that bank has inducted 11 mobile credit officers and also has associated quite a number of NGOs in credit disbursement programme in rural areas. The powers of loan sanctioning, expenses, staff recruitment, promotion have been delegated up to Vice President level and upto Managers for loan sanctioning only. Credit policy is devised by Head Office in the light of overall general policy of State Bank of Pakistan and is monitored on day to day basis. Statutory reserve requirements are strictly monitored by Head Office by having informations from branches regarding their balances with State Bank of Pakistan. Annual Revenue Summary
Deposits as on 31-12-2002 Advances as on 31-12-2002 Profit as on 31-12-2002 Head Office & Branches Head Ofiice
6,135,181,028.74 832,487,177.20 121,980,213.77
S.T.S.M Foundation Building, C1-10/20/2, Beaumont Road Civil Line, Karachi- 75530 Pakistan. UAN:111-676-767 FAX # 0515657756
Innovative Schemes The Schemes Followed by the First Women Bank · Saving Schemes · Loan Schemes · Car Finance For Women · Loans For Salaried Women · Business Loans For Women · Existing Financial Products & Services · New Financial Products & Services BUSINESS LOAN FOR WOMEN Businesswomen have only to fill out the relevant application from, attach the required document and get the financing approved in the shortest possible time. They will surely experience the comfort of FWBL's personalized services. Eligibility Criteria
? ? ? ? ?
Businesswoman between the ages of 25-55 years. Woman in business for 3 to 5 years. Borrowing/Equity Ratio -50:50 Satisfactory credit history of business
Financing can only be sought for business investment as working capital or for purchase of sixed assets e.g. Machinery. Product Features:
? ?
Financing between Rs. 0.1 Million to Rs. 0.5 Million.
Mark-up Against Cash Collateral: 13% p.a. Against Property: 18% p.a. Against Jewelry: 18 p.a. Against Plaedge18% p.a.
? ?
Hassle-free, processing of application.
Collateral of sufficient and stable value e.g. hypothecated/pledged. Stocks, adequately and insured against all the usual risks, fixed assets/property document/* Jewelry/ cash collateral, as applicable. * Financing against Jewelry & Pledge w.e.f. 15th April 2002.
?
Loan disbursement within two weeks of completion of all formalities.
Mode of Repayment: 1. Principal: 1. In case of finance for working capital, time-to-time adjustments, with full adjustment to be made atleast once a year. 2. For cases involving purchase of machinery, raw material etc, repayment period to extend from 12 months to 36 months, with grace period (maximum 3 months). 1. Mark-up Actual, per month @ rate indicated under the foregoing item Product Features (mark-up) Processing Fee (non refundable): Rs. 2000/.,per application ( to be paid up front, on acceptance of application). Securing Arrangements:
Hypothecated/pledged stocks of adequate, stable value, duly insured against all the usual risks, to be properly charged in Bank's favour. Security documentation to be complete and perfect, in all respects.
?
Two personal guarantees. Guarantors having a net worth of atleast Rs. 2 Million, with credentials as acceptable to the Bank,accompanied with documentary evidence of Assets.
?
Additional Information/Documents:
? ? ?
Bank Statement for the past 12 months. Financials for the past 3 years.
Customer's undertaking that she has no Case Collaterals/Jewelry or fixed assets, to offer security (if applicable). FOR FURTHER DETAILS OF THIS SCHEME, PLEASE CONTACT THE FWBL BRANCH MANAGER. CAR FINANCE FOR WOMEN FWBL offers a car Financing Scheme, to suit every woman's purse, for buying the car of her dreams! Salient Features:
? ? ? ? ? ?
For Salaried and businesswoman. Financing between Rs. 0.1 Million to Rs. 08 Million, with down payment of 30%. Mark-up at competitive rates. Vehicle to be jointly in the names of the Bank and the Borrower. Speedy processing of application, without any hassles.,
Woman may apply jointly with her spouse (or next of kin), spouse's income will be combined with application's income, to determine the extent to which the loan be afforded and the monthly repayment capacity. Repayment period between 12 months and 36 months, as may be convenient to the applicant.
?
Eligibility Criteria
? ?
Woman between the age of 25-55 years. Copy of NIC/Passport.
This is restricted to salaried woman and those businesswomen who are already in business and are paying income tax for past 2 years.
? ? ? ? ?
Monthly repayment, in case of salaried woman, not to exceed 1/3rd of the employee's "Take-home " salary. Employee to have service contract valid for 18 to 36 months at the time of applying for limit and be in service for the past 3 years. Two personal guarantees.The guarantor to be of sufficient net worth and acceptable to the Bank. Vehicle to be comprehensive insured and jointly registered in the names of the Bank and the Borrower. Mode of Repayment: Monthly: 1. 2. Principle: 12 to 36 equal instalments. Mark up: Actual, per month
Processing Fee:
? ?
Rs. 3000/-, per application. Value added Comprehensive insurance.
LOAN FOR SALARIED WOMEN With a limited income from salary, the salaried woman often faces constra in an effort to balance the family budget. Now, FWBL provides financing, on easy terms, to overcome the difficulties and make life easier. Salient Features:
? ? ? ? ?
Financing between Rs. 0.1 Million to Rs. 0.2 Million. Mark-up at competitive rates. Speedy processing of application, without any hassles.
Woman may apply jointly with her spouse or next of kin. Spouse's income will be combine with that of the applicant, to determine the amount repayment capacity. Easy Repayment terms, with period extending between 12 moths and loan months, as may be convenient to the applicant. Eligibility Criteria
? ? ? ? ? ? ? ? ? ?
Salaried woman, between the age of 25-55 years. Copy of NIC/Passport.
Employee to have service contract valid for 18 to 36 months at the time of applying for limit and be in service for the past 3 years. Two personal guarantees. The guarantor to be of sufficient net worth and acceptable to the Bank Employer's undertaking that employee's salary will be deposited each month, into her account with an FWBL Branch. Salary Certificate, with details of deductions, duty certified by the employer. Income tax Certificate. Bank Statement for the post 12 months. Employee's Provident Fund/Retirement Benefits to be assigned in Bank's favour. Life Insurance Police, for an adequate amount, duly endorsed in favour of FWBL.
Mode of Repayment: Monthly: 1. 2. Principle: 12 to 36 equal instalments. Mark up: Actual, per month
Processing Fee:
?
Rs. 2000/-, per application.
doc_994054935.docx