BANK BRANCH AUDIT - COMMON ASPECTS TO VERIFY IN LOAN ACCOUNT

*सावधानी हटी, दुर्घटना घटी*

During audit, Whenever there is a print or pdf or on screen of a loan account statement in front of you, whether its cc, od, dl, tl, ensure and verify about all below common aspects before leaving the account becoz every aspect may lead to MOC :

1. If sanction during the year, "date" of 1st emi due or debit of intt hit is correct.

2. disbursed loan amount where gone like flat seller, car dealer, stock buy, farmer SB acc., or even to any known hands or to whom trfd. And are as per sanctions only like to be disbursed in one shot or in piecemeal like as per CLP plans or university semesterwise fees.

3. From where credits or recoveries being coming or deposited. Chk genuinity abt repaying borrower. My emi due cannot be deposited by my friend or relatives or RP.

4. If credits are thru transfers, neft, upi, check that source account.

5. If credits are thru cash deposits, verify the deposit slips to ensure

6. If emi being paid are regular, intt debited amount is correctly calculated by system and reducing a little over progressive 12M.

5. The amount of EMI being credited is matched and correctly calculated using emi calculator on bank site.

6. Penal intt is debited for any overdue emi of all 12M.

7. Without fail, Debits of inspection charge(annual, by annual, quarterly), insurance, processing, renewal fee, other incidental charges like LSR, Valuation fee, survey fee(pre or post).

8. Credits of intt subventions if any in home, kcc, edu. loans is as per eligibility and correctly calculated.

9. If found any unusual or irrelevant debits or credits apart from above, ask in details about those and if not satisifed, quatify n report them accordingly.

10. If found any doubtful journal or reversal entries for any wrong debits or credits apart from transactions done by borrower, ask for thier reasons.