A DETAIL STUDY OF PERSONAL LOAN – SELF EMPLOYEED PROFESSIONALS AND THEIR NEEDS OF LOAN

IFIM BUSINESS SCHOOL have launched a course of Super Specialization from this year to make student develop a specialized skill set in their respective domain area. I have opted for Banking Super Specialization with partnership with IIBF have helped me to learn in depth knowledge on banking sector. Also in this super specialization term I have got opportunity to do a Live Project for  LEADING SMALL FINANCE BANK and the topic is “A DETAIL STUDY OF PERSONAL LOAN – SELF EMPLOYEED PROFESSIONALS AND THEIR NEEDS OF LOAN”.

Now, coming to the learning perspective from this live project is that as a student I am very fortunate that the head of personal department of LEADING SMALL FINANCE BANK MR. Jayakrishnan Nair and our faculty mentor DR. Rajendra Kumar Sinha are helping our group constantly by sharing views their views on the work done by us on continuous basis. While working on this project I have developed a new skill set called MYSTERY SHOPPING which helped me lot to find out various insightful data of various banks and NBFCs. Another important learning I got while doing this project is improve my analytical skills and able to find exposure of how to solve real life customer problem beyond theoretical knowledge. Other aspect which find as a learning curve for me is to get a fair idea about the ground level realities and limitation and also get a flavour of the organizational work culture. In this project we have deeply studied of various banks loan product offering to self-employed professionals such as- SBI, HDFC, BAJAJ FINSERY & etc  how Ujjivan Small Finance Bank is different in offering loan product to their customers. We as group of seven member in this live project have also done deep research on primary as well as on secondary data and also used certain statistical tools to understand the data more what customer wants from the Ujjivan Small Finance bank.This kind of analysis help me to improve my thinking ability and will make me more creative in ideas  and able to suggest new product line to the bank so that it will benefit both the customer as well as Ujjivan Bank . I have also suggested a new loan product line(self-employed professionals )specially for Ujjivan Small Finance Bank so that they can capture the market in urban areas. While suggesting this product line it help me much more confident that I can contribute to the industries needs and priorities.

Now coming to the outcome of this live project I find that each bank has to provide seamless and hassle free process of providing loans to the self-employed professionals. We also as group working in this project find that latest technologies should be adopted by banks and NBFCs so that customer can apply for loan through online mode and disbursement should be made quickly so that customer can meet their liabilities easily. In urban and semi urban area self-employed customers need personals to various purpose like- expanding their business or meeting contingent liabilities, etc, they want that bank can provide them fund with very short time and it will also help the bank to make longer term relationship with these customers. Another outcome of this project is that self-employed professionals wants good loan product from the banks and NBFCs like – lower interest rates, longer term tenor, flexible repayment facilities & etc this will help to capture the market. So, UJJIVAN SMALL FINANCE BANK should focus on more technology driven facilities by catering to their customer and provide most cheap and effective terms and condition of providing loans to their customers. This is suggestion we made it to the Ujjivan Small Bank officials how they can improve their services and capture the market in personal loan segment. This live project is a great help for us in understanding the market situation how one bank compete with other bank to achieve competitive advantage in the personal loan segment market.