Corporate Banking and Its Products

Products under Corporate Banking

Project Loan: Commercial banks offer project loan to export-oriented customers for setting up new projects as well as for expansion of an existing projects. To finance costs of building, machinery, equipments, vehicles and other fixed expenses may be the objective of project Loan. Project Loan is provided to the customers in the form of hire purchase, lease finance, loan general etc.

Working Capital Finance: Business enterprises engaged in manufacturing, trading service business are eligible to avail working capital loan to meet day-to-day expenses for processing of manufacturing and selling product and services. Working capital products include both fund and non-fund based products. Fund-based working capital products include secured over draft, cash credit, packing credit, short-term loans payable on demand bank guarantees. Non-fund based products include bank guarantee; performance guarantees and bid bonds are also supporting the business of our customers.

Lease Financing: Lease financing became a thrust sector for individual and small enterprise besides medium and large enterprises. Commercial bank has been providing lease finance facility to its customer for acquisition of manufacturing and service equipments for all major industrial sectors.

Syndication Finance: commercial banks have been financing large-scale projects under syndication arrangement to raise and meet huge credit need of a company. This arrangement allows the banks to share expertise among them and diversify its credit risks. Syndicated loan as loans extended by multiple banks where the overall credit involved exceeds an individual lender’s legal lending or other limits. It is made available by a group of financial institutions in pre-defined proportions under the same credit facility following common loan documentation formalities.

Trade Finance

  • Letter of Credit: Business Enterprises can avail Non-funded facility for import and procurement of raw materials, machinery, equipment, merchandise item.
  • Loan against Imported Merchandize: Business Enterprises engaged in import merchandise can avail working capital for retirement of import documents.
  • Loan against Trust Receipt: Business Enterprises engaged in import of merchandise can avail working capital for retirement of import documents.

Other Cost of Debt

Perhaps enticed by these products, you spurge left and right, swiping your credit cards as though there is no tomorrow. Remember the movie Confessions of a Shopaholic? Sometime, people tend to be guilty about it. However, the reality is that our life is not a movie that someone must direct us what to do to make it a happy ending.

More than the financial costs of debt, there is one factor that is detrimental if left unheeded and unsolved. This may cost more than your wealth simply because nobody can buy it. When you lost a thing, you say, “it’s just a thing, I still can buy it.” But when the emotion is involved, it’s something that is serious and it needs careful attention.

When you are unable to pay your debts on time due to financial scarcity and whatnot, it leaves you feel desperate and not in control of your life. It’s like someone is controlling you. The worst thing to happen is to deprive yourself of the things that could make you stay healthy and happy. This can eventually lead to loss of confidence and, to some extent, this has an abysmal effect to one’s sense of self.

The emotional consequences of debts can also affect the people around you. It can harm your relationships with your family, friends and loved ones just like a lot of failed marriages are rooted in money problems. While somehow it has an advantage to your work performance as it would push you to do more, to perform more, which apparently beneficial to your employer, there should be a long term solution to your debt problems.

In the midst of all these negativities, debt should not only be construed as bad, useless, detrimental and whatnot. Debt is good as long as you know how to use it and how you handle it. Debt exists to fill in the scarcity for the mean time. However, a careful planning must be in place before anything else.

Zombie Debts

The principle behind this business deal is simple. All debts at some point of time become uncollectable as they have passed the time period laid down in the statute of limitations. This time period could range from 3 to 7 years. This period varies from state to state. At this point collection companies who wish to make some money from this deal will buy the debt at a fraction of its value. It can be understood that older the debt the less its market value. Thus a debt over 8 years will cost a fraction of the money that would be paid for a debt that is 3 years old.

In earlier times the collection agents had a free field and could use any method to recover the outstanding debt. This could include threats and intimidation. However The Fair Debt Collection Practices Act passed in 1996 has put a premium on all forms of coercion. This act lays down the limits under which a collection agency can run and any infringement of this can be reported to the authorities. However there have been cases where the collection agents subvert this act to collect something out of the outstanding debt. Yet, despite this act, the debt that is very old does not debar collection agents from buying the debt and trying to recover it. The aim of the collection agent who has purchased the debt at a very, very low price is to recover a portion of the debt and thus make some money in the bargain.

These zombie debts can appear at any time and this is often referred to as re-aging of debts. This is illegal but it happens all the time. There have been cases recorded where an original debt that has been discharged in a bankruptcy re-appears as a Zombie debt. This re-aging of debts needs to be guarded against. But if it does happen some prudent action is required to contain the damage. Thus an individual need to be aware of the following.

  • He must as a rule check his credit report at regular intervals and see if any such entry is there. In case such an entry appears it is incumbent on the person to check with the credit bureau and get the entry rectified.
  • Be informed. The fact that you are not aware of the statute of limitations will not hold water. Thus in case contacted by a debt collector be aware of your rights and act so. You can follow-up by contacting your state’s Attorney General’s Office and the Better Business Bureau. This is not the end and it should be followed up by contacting the agency that issues the license to a collector in the state you live and complain about this ‘zombie’ debt that has been re-aged. Remember all collectors have to be licensed.

The debt – buying industry is lucrative business and information available shows that some of these collection companies have earned enormous sums of money running into thousands of dollars by purchasing Zombie debts. They will even purchase debts that have passed the statute of limitations and try and recover some part of the debt. There have been cases where a debtor with a 9-year-old debt has been approached by these agents. They thrive on the ignorance of the debtor and hold the fear of a prison term as well.

However it must be mentioned that after a 7 year period a debt cannot appear in your credit report. It does not matter whether the debt is still outstanding against your name or has lapsed. If such a thing happens then it is best to report this anomaly to the credit bureau. Remember that there is a good chance that the debt has already been written off, but collection agents will still buy it, as it is their business. They thus buy the debt at a few pennies to a dollar. The debt collectors know that the entire debt cannot be recovered and hence they will go in for a settlement, an adjustment where the debt owner pays only a part of the debt. But the basic ingredient on which these collector’s thrive is ignorance and lack of information.

Though Zombie debts are illegal, yet they are very much a part of the American scenario. Thus in case you are approached by a debt collector for recovery of an old debt than the following steps may be taken.

  • Contact the credit bureau and report the wrong entry in the Credit report. Make it a point to demand documentary proof from the debt collector about the debt. The debt collector is under obligation to give this information within 30 days; in case he is unable to do so then you are home and dry.
  • In case a collector persists in his attempt to collect a bill that has been paid long back, or passed the statute of limitations then report him under the federal Fair Debt Collections Practices Act. The bill collector could end up paying a massive civil penalty as well as subject to fraud and harassment charges

Avoid Getting Bad Credit

Most lending institutions are reluctant to lend cash to individuals with an unfavorable repayment history. Therefore, it is better for people in this position to deal with an accredited agency that is used to obtaining loans for bad credit on behalf of its clients. It is particularly advantageous if the agency has an established network of lending institutions as this enables them to shop around for the best interest rates.

Surprisingly, bad credit unsecured loans can also help to repair a poor credit history. This is because it will work in your favor if you can successfully obtain borrowing. Additionally, if you ensure that any repayments on unsecured bad credit loans are made on time, you will begin to demonstrate your capacity to meet your financial obligations. You may find yourself with a poor credit history for a number of reasons including bankruptcy, Individual Voluntary Arrangements, County Court Judgments and defaults on previous loans. Additionally, people who have never borrowed money may find it difficult to obtain finance as they haven’t been able to build up a positive history.

All of the above factors can affect your credit report; these reports are maintained by agencies that specialize in recording financial information about individuals. Therefore, when you apply for any type of borrowing the lending institution may refer to your report before deciding whether to grant finance. If you make repeated applications and are turned down then this is also recorded on your report, and could reflect badly on you. Many lenders use a credit score system for people that apply for loans. Your score will depend on many factors and will vary from company to company. However, a major factor will be your credit report. Therefore, if you have a poor report then this could pose a predicament for you in obtaining finance.By visiting a specialist agency you may be able to secure borrowing that suits your needs. Additionally, once you can prove that you are able to meet the repayments on time, your credibility as a borrower will be enhanced. This should eventually boost your chances of obtaining finance in the future. The amount that you can borrow will vary as it depends on factors such as your income and how many financial commitments you already have.Your loan adviser will inform you about the options available once the staff have obtained relevant information regarding your financial status. The repayment period can also depend on how much is borrowed and the amount that you can afford to repay each month.

Debts Incurred Overseas

If you do not pay the debts that you have incurred overseas, you should not expect to have a clean slate in the particular country that you have gotten these. Apparently, the creditors would surely make the necessary steps to recover the amount that they have loaned to you through legal means. If it seems difficult for them to make sure pursue this in your current country, they would at least make sure that you would not be able to return to theirs without having to repay the debts that you have incurred.

Another step that they may take is to hire debt collection agencies in your current country. Such firms may also employ legal maneuvers in order to compel you to pay up for the loans that you have acquired abroad. The presence of debt collection agencies in the country that you are currently in are actually the most potent mechanism that would serve the interests of the creditors abroad. Once these are hired by your creditor, they would certainly do everything legally allowed to make sure that you pay up. This is especially true if they actually paid the debt themselves because they believe that they could recover it from you.

You can never live an absolutely trouble-free life if you have debts that are unpaid and overdue, wherever in the world this may be. One way or another, these would certainly hassle you. If not in the immediate future, it could annoy you maybe in years after. This is the reason why you should avoid having unpaid debts. If there are circumstances when you have to leave a country for another without having to deal with your debt repayments first, you could always do this even when you are abroad. Technology has made this possible.

Obviously, debts incurred overseas are not exactly done deals. Of course, the pressure may no longer be too strong as you are far away from the reach of the mailed bills. But then, this does not really absolve you from your debts. Wherever you would be, you would still be obligated to repay it. The best that you could do is to repay the debt but according to your terms of payment. If the creditor sees that you are repaying despite your distance, they would not mind the delays.

Direct Deposit

To verify an account, an employee must send a statement or a blank cheque from his bank. By doing this, he will provide vital information that will enable the employer’s bank to get the individual’s bank account number and the routing number. The routing number is a coded string of numbers which identify the employee’s banking institution. Another prerequisite of certain pay roll processors is a pre-note. This is an electronic transaction from the payroll processor’s bank to the employee’s bank, and it authenticates the account’s information. After such an authentication, an employee can expect regular pay checks which come on time.

This method has various advantages. It saves time because cash is easily and conveniently deposited in an employee’s account thus saving the employee time which he would otherwise use standing in long queues at ATM’s. The employees also do not need to wait for cheque clearance since, funds clear promptly. This is a safe and secure process of transferring money, because an individual does not need to worry that his cheque might be stolen, and he avoids the risk which comes with carrying large amounts of money.

The process is also confidential. Since money is transferred electronically, fewer people come into contact with the money, thus reducing the risk of identity theft. This service also allows an employee to have complete control of his funds as he can divide his cash into different accounts easily. Most employees also give a paper stub in advance so that an employee may know the amount of money which will be deposited, and the deductions made from the salary.

How to Be Debt-Free

Do not think of access to debt as a status symbol. Change your frame of mind about debt. Credit cards are a sure way to financial worries. Throw them into the bin.

Spend within your means. Do not think of spending more than what you have. Credit cards are very tempting as they are convenient to use. However, its end result is headache and financial exhaustion. Oftentimes, people who patronize credit cards are tempted to have more credit cards than what they already have. Common sense tells us why these people are now working just to pay-off their debts.

Be guided by a financial record. Take note of your regular income and the monthly expenditures for basic needs. List the items that needed to be purchased regularly with an aim of making savings. Keeping a record allows you to track your expenditures and it is really nice reading these records once in a while. With financial records as your guide, it will make you feel you are a better person than the person sitting next to you.

Discard credit cards one by one. This is one of the best tips among the 7 clear tips on how to be debt-free. Start from the credit with the biggest balance. Make a schedule within which you will mark the dates each card is expected to be thrown away. The moment you have gotten rid of the first card, you will have the impetus to throw away some more.

Enlist the contribution of every family member. This is a nice opportunity to get everybody working toward a meaningful goal. Teach your children the value of money, wise spending and solving problems squarely. Working as a family can really be very exciting when everybody feels needed in family affairs.

Cut down on unnecessary spending. Perhaps, you may need to cancel a vacation or suspend your plan to buy another car. If you can do this, you will not have to have a long list in your financial records and finances will be easier to handle. Also, remember that these activities do not really mean a lot because they quickly disappear from memory into oblivion. Spend for things that will last forever.

Focus on saving for worthwhile causes. This is the last in the list of 7 clear tips on how to be debt-free. Purchasing your own house (or a dream house) in the future or preparing for your children’s university education is top priority that will help you to focus and eliminate unnecessary expenditures. Financial goals are a way of getting rid of temptations to buy and own less important goods and services. Make these goals realistic to help make you feel a sense of accomplishment.

Debt Negotiation Strategies

Before Negotiations

The biggest mistake people make when attempting to negotiate with creditors is failure to prepare. It is crucial that you have an idea of what you want to get out of the negotiation before you even contact your creditor. Take a look at your monthly budget and income to determine the amount you can realistically afford to repay. You need to know the state of your financial affairs and how they can best be met by a deal with your creditor. Ask whether you need a temporary suspension of payments or just a lower monthly payments. Evaluate whether a lower interest rate would be enough to reduce your monthly payment or do you need a modified payment schedule.

During Negotiations

Once you have an idea of what you can afford to pay and how you may be able to achieve that plan, contact your creditor. Debt negotiations are always better before you miss a payment, as creditors are often more willing to make changes if they feel you were proactive. However, if you have already missed a payment don’t worry. You may still be able to secure a deal through persistence and flexibility. It is important that you remember debt negotiations are simply that, a negotiation. This means that you have to be willing to be flexible in what you want and how you want it. Creditors do not owe it to you to negotiate and they are essentially doing you a favor. Come into the negotiation with an open mind and patience. Always be polite and work with the lender until you come to an agreement you can live with.

After Negotiations

If you were able to successfully negotiate a deal, congratulations. However, now is the most crucial time for you. It is extremely important that you stick to your negotiated plan and not miss a payment. Missing a payment now could mean the end of your deal and even delinquency fees. If you think you might miss a payment, contact your creditor before this happens. You may be able to make further changes to your deal or request a onetime extension. Remember to monitor your credit report for changes and stay on top of creditors to report the most accurate information at all times. Having an updated credit report will significantly improve your credit standing while you work to get out of debt and rebuild your financial future.

Ways to Support Your Fight Against Debt

  • Celebrate success. Did you make it a month without running out of cash? Celebrate! You used to use credit cards and payday loans to make it through, now look at you. Maybe you finally paid off one of the direct lenders or used a credit card to get rid of your payday loan debt. Celebrate the move towards a positive direction. You have already begun to save money for the next month. That’s a step in the right direction. Don’t ignore even the smallest improvements, celebrate them.
  • Stay upbeat. Don’t let yourself get into a slump. Get some exercise every day to keep you mind, body and spirit strong. It is also a great way to alleviate frustrations.
  • Don’t forget to laugh. Laughter is the best medicine… and it is free! GO have a good time and give your mind a break. You can’t dwell on your debt all day.
  • Free fun. Change the ways your family entertains one another. You don’t have to go out and spend money to have fun together. Not only will you save money but you will nourish family relationships. Take a walk, go for a hike or bike ride, play a game together or plant a garden together. You’ll be teaching your children a good lesson along the way.
  • Feel blessed, it could be worse. Okay, so you are in debt. Count your blessings that you have your health, you still have a roof to live under and food on the table. On those bad days when you want to give up, remind yourself of all the blessings you have with you each day.
  • Accept any situation you can’t change. Maybe your finances fell apart when you lost your job or a family member fell ill. It is what it is and you can’t change what happened, so accept it. You are alive and tomorrow is a new day. Make it a good one.

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