How do microfinance banks track their whereabouts?
After the bank issues a loan, it will conduct a purpose check one month after the loan is issued, which is the so-called "post-loan management". In addition to the first month of lending, we will also check the use of loan funds regularly every quarter. In particular, some banks will check and issue loans one by one according to the amount of money used each time, so it is easy to find out the inconsistent use of loans.
If the purpose of the loan is found to be inconsistent with the application, the bank will recover the money and punish the borrower for breach of contract. The borrower's credibility in the bank will also be greatly reduced, and it will be more difficult to apply for other loan products in the future.
If the borrower applies for some mortgage loans, such as personal housing loans, the bank will not pay the loans in cash to the buyer's account, but directly to the developer's account, so as to determine the earmarking. For loans that can provide proof of the purpose of the loan and the payee's account, banks will generally issue the loan to the borrower's account.
If the borrower borrows for several months before using the loan, the bank can also monitor it. Suppose the borrower wants to use the loan to buy stocks or funds. And it may be monitored by the bank when opening an account.
Finally, some banks will force the use certificate to be uploaded within a period of time after the loan is received, otherwise it will be settled in advance.
The above is the related content sharing of "How to track the whereabouts of microfinance banks", hoping to help everyone.