Self proclaimed leading Bank takes two months to approve a pre approved loan

03, Jan 2018 By Fake It Nepal 

Kathmandu: A bank which proclaims itself as the leading bank like every bank does was subject of headlines today when Mr. Ram Bahadur, a local resident, registered a complaint against the bank for delaying his pre approved home loan.

Mr. Ram Bahadur works in one of those multinationals with a hefty pay package and always pays his bills on time. He carries two credit cards in two different colours and in two different metal names. With regular bill payments, his credit scores are higher than the collective number of Nepalese representation in the last 10 Olympics put together.

With the high score, Mr. Ram Bahadur gets daily calls from various banks offering all sorts of loans, including a personal loan. This bank, where he holds the salary account, advertises at least 4 loans for his profile whenever he logged into Internet banking. All of them say pre approved with a green tick mark next to the pre approved amount.

Lured by a TV advertisement, Mr. Ram Bahadur decided to buy a home in the outskirts of Lalitpur, yet very much within the city limits. When he approached the bank for the pre approved home loan, the bank asked him for tons of paperwork. Mr. Ram Bahadur quickly finished all the formalities and awaited for the loan disbursement within 48 hours, as advertised.

When two days turned into more like 2 weeks time, he approached the bank to find out why it is taking too much time. The bank said a couple of more approvals required and the money will be in it’s way to the seller. A month passed with no word from the bank and continuous calls and abusive words from the seller.

Finally, after two months and a threat from Mr. Ram Bahadur that he will go on a hunger strike, the bank relented and disbursed the loan.

When Fake It Nepal contacted the bank for comments,
“See! People like Ram Bahadur should understand about pre approved loans. After the pre approval, there are two intermediary approvals before the actual approval happens. But wait! One can’t lay his hands on the loan amount once the loan is approved. It is the post approval formalities which takes the most time. Our bank isis proud to announce that our post approval turnaround time is the fastest in the industry!” the branch manager said.

When asked about the 48 hours promise, he clarified categorically that it is the time taken to get the application form for a pre approved loan.