Loan officers offer loans and/or credit services to individuals and businesses. They are responsible for the evaluation and authorization of loans and various forms of credit.
Personal Competencies
You are good at Maths
You can make people work under your directions
You have strong communication skills
You have good writing skills
Entry Pathway
1. Complete 10 + 2 in the Commerce or Science stream (Physics, Chemistry and Biology)
2. Complete a Bachelor’s degree in Business administration, Finance, Economics, or any related field
OR
Complete a Bachelor’s degree followed by a Master’s degree in the same or allied subject
3. Apply on bank website for the position of loan officer Please check the duration of the course during enrolment
Where will you study?
The course is offered by the Department of Finance/Banking/Business Analysis. This list of institutes is indicative only
Government Institutes 1. Indian Institute of Management, Ahmedabad 2. Indian Institute of Management, Bangalore 3. Indian Institute of Management, Calcutta 4. Indian Institute of Management, Kozhikode 5. Indian Institute of Management, Indore 6. Indian Institute of Management, Lucknow 7. Faculty of Management Studies, University of Delhi 8. Department of Management Studies Indian Institute of Technology
Private Colleges (Please check if Institute is affiliated and accredited with UGC before applying) 1. Xavier School of Management, Jamshedpur 2. Management Development Institute (MDI), Gurgaon 3. SPJIMR, Mumbai 4. T A Pai Management Institute, Manipal 5. Great Lakes, Chennai - Great Lakes Institute of Management 6. IBS Business School, Hyderabad 7. Goa Institute of Management 8. Institute of Management Technology, Ghaziabad
*NPTEL stands for National Programme on Technology Enhanced Learning. It is by the Government of India and offers a variety of courses in an audio-video form
Fees
The approx. course fee for an MBA ranges between INR 20,000-40,00,000*
*(The above-mentioned figures are approximate numbers. This will vary from Institute to Institute)
Scholarships & Loans
SCHOLARSHIPS
• National Scholarship Portal - Visit http://www.scholarships.gov.in. Under this portal there are Central Government schemes offered by different departments, UGC/AICTE Schemes and State Schemes* • Visit http://www.buddy4study.com for details on available scholarships. This is a gateway to scholarships starting from Class XI* • Scholarships are also made available in institutes based on merit*
*(Availability of these scholarships can vary from time to time)
LOANS
• VidyaLakshmi, http://www.vidyalakshmi.co.in, is a portal for students seeking education loan. This portal has been developed under the guidance of the Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA) • Some states have student credit cards with low interest rates, for instance, West Bengal, Odisha, Bihar, etc. • All banks give education loans
Where will you work?
Places of Work: Banks and Financial Firms
Environment: It is a desk job. You are likely to work for 5 to 6 days a week for 8 to 9 hours every day. This may vary from organization to organization.
Opportunities for work exist for differently abled in this field
Expected Growth Path
Loan Officer → Senior Loan Officer → Lead Loan Officer
Expected Income
The approx. salary of a Loan Officer ranges between INR 16,000 - 80,000* or more per month.
Former State Bank of India executive Natarajan Sundar joined The National Assets Reconstruction Company Ltd (NARCL) as Managing Director and CEO on May 30, 2022. Sundar has served SBI for over 37 years and retired as Deputy MD and Chief Credit Officer of the bank on April 30, 2022. He started his career in the bank as a probationary officer in 1985 and joined the Ahmedabad Circle. He has a Master’s in Chemistry.*
Loan Officer
NCS Code: NA | BFSI191. Complete 10 + 2 in the Commerce or Science stream (Physics, Chemistry and Biology)
2. Complete a Bachelor’s degree in Business administration, Finance, Economics, or any related field
OR
Complete a Bachelor’s degree followed by a Master’s degree in the same or allied subject
3. Apply on bank website for the position of loan officer Please check the duration of the course during enrolment
The course is offered by the Department of Finance/Banking/Business Analysis.
This list of institutes is indicative only
Government Institutes
1. Indian Institute of Management, Ahmedabad
2. Indian Institute of Management, Bangalore
3. Indian Institute of Management, Calcutta
4. Indian Institute of Management, Kozhikode
5. Indian Institute of Management, Indore
6. Indian Institute of Management, Lucknow
7. Faculty of Management Studies, University of Delhi
8. Department of Management Studies Indian Institute of Technology
Private Colleges
(Please check if Institute is affiliated and accredited with UGC before applying)
1. Xavier School of Management, Jamshedpur
2. Management Development Institute (MDI), Gurgaon
3. SPJIMR, Mumbai
4. T A Pai Management Institute, Manipal
5. Great Lakes, Chennai - Great Lakes Institute of Management
6. IBS Business School, Hyderabad
7. Goa Institute of Management
8. Institute of Management Technology, Ghaziabad
Information on the institute rankings can be found at - https://www.nirfindia.org/2022/Ranking.html
Distance Learning Institute
Indira Gandhi National Open University (IGNOU)
Online Courses
• NPTEL* Swayam: https://swayam.gov.in/explorer?searchText=accountancy
• Udemy: https://www.udemy.com/courses/finance-and-accounting/accounting-bookkeeping/
• Coursera: https://in.coursera.org/courses?query=accounting
*NPTEL stands for National Programme on Technology Enhanced Learning. It is by the Government of India and offers a variety of courses in an audio-video form
The approx. course fee for an MBA ranges between INR 20,000-40,00,000*
*(The above-mentioned figures are approximate numbers. This will vary from Institute to Institute)
SCHOLARSHIPS
• National Scholarship Portal - Visit http://www.scholarships.gov.in. Under this portal there are Central Government schemes offered by different departments, UGC/AICTE Schemes and State Schemes*
• Visit http://www.buddy4study.com for details on available scholarships. This is a gateway to scholarships starting from Class XI*
• Scholarships are also made available in institutes based on merit*
*(Availability of these scholarships can vary from time to time)
LOANS
• VidyaLakshmi, http://www.vidyalakshmi.co.in, is a portal for students seeking education loan. This portal has been developed under the guidance of the Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA)
• Some states have student credit cards with low interest rates, for instance, West Bengal, Odisha, Bihar, etc.
• All banks give education loans
Places of Work: Banks and Financial Firms
Environment: It is a desk job. You are likely to work for 5 to 6 days a week for 8 to 9 hours every day. This may vary from organization to organization.
Opportunities for work exist for differently abled in this field
Loan Officer → Senior Loan Officer → Lead Loan Officer
The approx. salary of a Loan Officer ranges between INR 16,000 - 80,000* or more per month.
Source: https://www.payscale.com/research/IN/Job=Senior_Credit_Officer/Salary
*These figures are indicative and subject to change
Experts from the field
Former State Bank of India executive Natarajan Sundar joined The National Assets Reconstruction Company Ltd (NARCL) as Managing Director and CEO on May 30, 2022. Sundar has served SBI for over 37 years and retired as Deputy MD and Chief Credit Officer of the bank on April 30, 2022. He started his career in the bank as a probationary officer in 1985 and joined the Ahmedabad Circle. He has a Master’s in Chemistry.*
Source: https://www.narcl.co.in/about-us/
*The above information is for training purposes only and will not be used for any commercial gains
credit processing officer, loan processing officer, branch credit manager, loan approval officer