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Introduction

Based on the expected growth in the Banking and Financial Services Industry (BFSI), it is expected that more people would be employed in this industry. There are various job opportunities for the Loan Approval Officer job profile. 

A loan officer is the face of the bank to potential loaning clients. Banks make most of their cash from beginning loans. Customers have a variety of choices concerning procuring financing. A loan officer’s job is to initiate relationships with potential customers. 

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Job Description

Loan Approval officials survey, approve and suggest personal and business loans for approval. Loan officials meet with candidates to decide their financial credibility. They typically work at mortgage organizations, business banks, credit associations, and other monetary establishments. 

Most loan officials have a Bachelor’s degree in the business organization, finance, economics, or a connected field, and are trained on the job. 

Now you know Loan Officer Job Description, let’s understand what are the Loan Officer Duties and Responsibilities.

Requirements

Let’s know the Requirements to Become a Loan Officer.

Eligibility

Certification

Loan Officer Job needs a certification of Directorate General of Employment and Training (DGE&T) Govt. of India. The certification is by Assessing Body of Ministry of Skill Development & Entrepreneurship

Advantages of Certification:

Skills Needed

IT Skills

Non-IT Skills

Work Environment

Loan Officer usually work 6 days a week and 9 to 10 hours every day. This may differ from company to company and there is no shift system for this profile. Also, there is no part-time job available. Individuals may need to handle team working hours. 

Their job does not include traveling regarding work as it not a part of their job role. Mostly work in the office. Commonly do more paperwork.

Salary Package

This job profile salaries can depend on their employers and the scope of their responsibilities. The average salary for a loan officer in India ranges from Rs.20000 to Rs.40000 per month. It also differs as per the city, experience, skill, employer, and many more.

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