- Loan Counsellor
Who is a Loan Counsellor?
" A man who pays his bill on time is soon forgotten" ~ Oscar Wilde
A Loan Counsellor is a finance professional employed by banks and other financial institutes. He or she is responsible for processing clients’ application materials and verifying their information to come up with a financial plan. A Loan Counsellor holds the responsibility to explain the type, rate and terms of loans offered by the employing organisation.
Loan Counsellor in a Nutshell
A Loan Counsellor acts as a facilitator to clients who require financial assistance by an institution for a period of time with applied interest. He or she counsels them and resolves their queries on existing loans and provides assistance to struggling clients by rescheduling payments or restructuring loans available to them.
Quick Facts for Loan Counsellor
Average Salary in India
Male, Female, Others
A career as a Loan Counsellor is not a gender-based role. A specific gender identity does not affect career growth as a Loan Counsellor. With required education qualification and skills, anyone can become a Loan Counsellor.
Any special needs
Candidates with special needs are not suitable for a career as Loan Counsellor. The role as a Loan Counsellor requires him or her to travel to clients’ locations and verify their identity, evaluate the net value of their credit and properties to provide the loan of a specific limit.
Table of Contents for Loan Counsellor
What is the role of Loan Counsellor?
A Loan Counsellor performs numerous tasks on a daily basis. His or her role involves counselling applicants on repayments of loan policies and restrictions. A Loan Counsellor sets up repayment plans and modifies existing setup. He or she provides assistance in selection of financial awards to evaluate loan eligibility.
A Loan Counsellor job involves analysing the financial status of applicants which involves evaluation of their credits and property to determine the feasibility of granting loans.
A Loan Counsellor's job duties involve him or her to approve loans within specified limits. He or she is responsible for calculating debt amounts and funds available to plan methods of payoff and estimate time for liquidation of debt.
A Loan Counsellor is checking loan agreements to ensure their accuracy and completion as per policy. He or she contacts applicants, their queries concerning terms and conditions in the application and completes the paperwork.
A Loan Counsellor's work responsibilities involve maintaining and updating account records. He or she recategorises account records concerning the status change of loan account holders.
Types of a Loan Counsellor
Bank Clerk: A bank clerk is a professional responsible for processing banks and other financial information. He or she is employed by financial institutions and acts as a point of contact to clients facilitating the required information. He or she keeps the records of loans, withdrawals, deposits, mortgages, payments, cheques and securities sales.
Bank PO: A Bank PO is also known as Bank Probationary Officer. His or her work responsibilities involve finance, accounting, billing, investment, marketing and other relevant tasks. A Bank PO handles the transactions of customers.
What is the workplace/work environment of Loan Counsellor like?
A Loan Counsellor works in an office setting. It is a desk based job role. A Loan Counsellor career involves visits to clients’ locations to verify his or her residential details, communication address and property. A Loan Counsellor counsels clients on various loans they can avail, their restrictions and other relevant information.
Does Loan Counsellor require travelling?
A Loan Counsellor may often be required to travel to a client's or loan application location to evaluate the property and credit value of the applicant.
A Loan Counsellor works full-time. There is no part-time, hourly basis, on-call and work from home provided in the career.as a Loan Counsellor.
A Loan Counsellor career is a typical 9 am to 5 pm job. Work hours often get extended due to visits to clients’ locations. A career as a Loan Counsellor does not involve any rotational shifts or night shifts.
A career as a Loan Counsellor comes with a permanent employment nature. Usually employing organisations offer the role of Loan Counsellor on a permanent basis. There might be probationary periods for newly hired candidates, after completion of that period they become a full-time employee.
Bank, Financial Institution
A Loan Counsellor is a desk-job based role. His or her role involves visiting clients to verify their residential address and communication details as well as their property.
Presence in Geographical Area
Financial institutions that grant loans are usually located in urban and semi-urban areas.
A Loan Counsellor's career demands working under frequent time pressure and completing the documentation to avail the loans to clients.
A Loan Counsellor role often demands him or her to work extended hours.
Weekly Hours of Work
Min 35 Hours
Usually, Loan Counsellor work a minimum of 35 hours per week. He or she may often be required to work extended hours to visit clients and verify their identification, including property and net credit.
How to become a Loan Counsellor?
What are the skills and qualities required to become a/an Loan Counsellor?
We have listed below major Loan Counsellor skills. These skills are crucial in the Loan Counsellor work environment to remain efficient and productive.
Communication Skills: A career as a Loan Counsellor demands strong communication skills. He or she is required to explain the terms and conditions of the loan and complete the documentation work.
Analysing Skills: A Loan Counsellor role requires analysing the verification documents provided by the clients and evaluating the net credit and property value.
Accounting Skills: A Loan Counsellor career demands strong knowledge of accounting software. He or she is required to function on it on an everyday basis.
Mathematical Skills: A Loan Counsellor possesses strong mathematical skills. He or she is required to calculate the ratio of debt to income of potential clients to avail loans to them.
Which certifications and internships can be helpful in becoming Loan Counsellor?
We have listed below major Loan Counsellor courses. Aspirants may opt for these courses to upgrade their skills and knowledge for a career as a Loan Counsellor.
Aspirants are required to start their career from an entry-level position. Loan counselor internships increase the chances to acquire full-time job roles. An internship in a financial institution provides exposure and knowledge of functioning in the financial industry.
Career Path Progression for Loan Counsellor
Here are the details of Loan Counsellor career progression. With experience of years in the industry, one progresses to senior-level position and gets salary hike with the addition of responsibilities.
Junior Loan Counsellor: A junior Loan Counsellor generally possesses an experience of 1 to 4 years. He or she is responsible for educating the clients or customers on types of loans available with their restrictions.
Senior Loan Counsellor: A senior Loan Counsellor possesses a work experience of 10 to 19 years or more. He or she counsels struggling clients having trouble qualifying traditional loans.
Loan Counsellor Jobs and Salaries
Junior Loan Counsellor
- Average Salary 15000
A junior Loan Counsellor is a professional responsible for approving loans in certain limits. He or she verifies the identity of loan applicants and evaluates the net value of their credit and property.
The salary of a Loan Counsellor varies depending on their skills, experience and employing organisation. The average starting salary of a Loan Counsellor in India ranges from Rs. 14,000 to Rs. 16,000 per month.
Senior Loan Counsellor
- Average Salary 20000
A senior Loan Counsellor's work responsibilities involve paying attention to the ratio of debt to income of potential clients to evaluate and establish reasonable repayment plans and present estimates.
The salary of a senior Loan Counsellor varies depending on his or her skills, experience, geographical location of employing organisation and its size and structure. The average salary of a senior Loan Counsellor is Rs. 240,000 per annum.
What is the job outlook for Loan Counsellor?
There is an expected job growth of 8 per cent in the Loan Counsellor career. The financial industry is constantly expanding, providing numerous employment opportunities to aspirants.
Frequently Asked Questions for Loan Counsellor
Que. What is the average salary of a Loan Counsellor?Ans.
The average salary of a Loan Counsellor in India is Rs. 20,000 per month.
Que. What is the minimum required education to become a Loan Counsellor?Ans.
The minimum required qualification to become a Loan Counsellor is Rs. 20,000 per month.
Que. What are the top recruiters of Loan Counsellor?Ans.
We have listed below top recruiters of Loan Counsellors:
State Bank of India
Bank of Baroda
Que. What are the top colleges of Loan Counsellor?Ans.
We have listed below top Loan Counsellor colleges:
Que. What are various types of Loan Counsellors?Ans.
There are types of Loan Counsellors that counsels on various types of loan requirements such as:
Education Loan Counsellor
Home Loan Counsellor
Personal Loan Counsellor
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