Currently, consumer credit industry in our country is quite developed. Trading company, cooperating with financial institutions, lending to consumers en masse for the purchase of various durable goods. This scheme is beneficial for all parties involved: the customer immediately receives the goods in use, having the only part of the required amount, the seller receives additional commodity buyers and the bank - borrower.
To date, targeted loans - one of the most popular banking products. In the loan agreement signed with the design of the target loan clearly states what is the purpose are given credit. These loans are considered less risky than lending diversion (since acquired thing serves as collateral for the loan), so that banks charge for such transactions lowest possible rates. Purpose loans are made generally without collateral, so that in case of delay in the bank can collect from the customer receivable only in the courts.
According to the court decision to implement a debt owed to the bank can not only collateral, and other property of the borrower. Making targeted loan (consumer, to buy a car or a mortgage), the bank knows exactly what purpose the money will be spent on what will be a pledge. And, being sure that in case of problems, the deposit will be realized, said minimal credit risks by setting the appropriate rate on the loan.
For added peace of mind, the Bank periodically checks the status of the collateral on the loan and the intended use of loan funds. The easiest way to check the intended use of the loan, the issuance by transferring funds directly to the seller (at the expense of the store, showroom or builder). Targeted cash loans are not issued to eliminate the risk that a customer will spend them for other purposes other than prescribed in the contract.
To the bank was able to transfer funds under the contract at the expense of the seller, the customer placing an order, in addition to its documents, must attach the receipt of vendor credit subject. On the basis of this account and will be the transfer of credit.
In the process of negotiation of the loan, in addition to verification of the borrower, the bank staff is required to check for the presence of the seller and his "black list", a fact suspected fraudulent activities, and so on. D. If any such evidence or suspicion of their presence the bank may refuse to make a loan even honest borrowers, offering him, or to issue undesignated credit or choose another vendor.
If the seller and the borrower will be tested successfully, the transaction will be issued, money lists, and the customer will receive a credit bought property in the property by taking out a bank deposit. Despite the stereotypes, regarding property, the owner of the acquired property will be the borrower, even though it will be pledged to the bank. The main thing that means the seller has been listed in the name of the client (and usually happens as they are transferred from the loan account of the client).
During service the loan, the bank has the right to inspect the collateral. He enjoys this right is not always, but only in case of delay or admission of negative information about the subject of the pledge. Checking if the collateral, or the departure of a staff member to the place of storage of collateral (by prior arrangement with the client), or monitoring of documents of title to it.
If the borrower violates the intended use of loan funds, the bank has the right to penalize the customer, increase the interest to the level of misuse of credit and even to demand early repayment of the loan. Usually all the possible sanctions for misuse of funds are detailed in the loan agreement and pledge agreement.
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