ACCURATE INSTITUTE OF MANAGEMENT & TECHNOOGY

SUMMER INTERNSHIP PROJECT REPORT ON COMPARATIVE STUDY ON ADVANCE PRODUCTS OF BANK OF MAHARASHTRA & OTHER BANKS

BY
RAVI CHANDRA

ROLL.NO:-AIMTDM1113240

SESSION:2011-13

CONTENT
Page no.

Acknowledgement...04 Declaration..05 Executive Summary06 Chapter 1..07 Company Profile Overview...08 History...09 Competitors.......11 Strength/Opportunity & weakness/Threats......14 Different Products.....15 Awards & Recognitions by BOM.........16

Chapter 2..17 Project Details Introduction to Advance Product....18 BOM Advance Product.....19

Chapter 3..30 Research Methodology Chapter 4 ...31 Analysis of data

Chapter 5....35 Findings of the project Findings44 Suggestion & Recommendation..... 46 Conclusion48

Annexure (Questionnaire)...49 Bibliography....54

Acknowledgement
It is my proud privilege to release the feelings of my gratitude to several persons who helped me directly or indirectly to conduct this project work. I express my heart full indebtness and owe a deep sense of gratitude to my teacher and my father Mr.R.Chandra, Chief Manger(SBI), Accurate Institute of Management & Technology, Greater Noida, and to my corporate guide Mr. Bhatia, Bank of Maharashtra, Main Branch Allahabad, Mr. Deepankar Sahoo & Miss. Sanghamitra Tripathy CRE, Personal Banking, BOM, Main Branch, Allahabad, for their sincere guidance and inspiration in completing this project.

I am extremely thankful to the Director, Chairman and faculties of the Accurate Institute of Management & Technology for their coordination and cooperation and thankful to Prof. Pinky Pandey for his kind guidance and encouragement.

I am also extremely thankful to all those persons who have positively helped me and customers who responded my questionnaire, around whom the whole project cycle revolves.

I also thank all my friends who have more or less contributed to the preparation of this project report. I will be always indebted to them.

Thanking You

DECLARATION

I RAVI CHANDRA, bearing Roll No. AIMTDM1113240 is bonafide student of PGDM of Accurate Institute of Management & Technology, Greater Noida, Batch 2011-2013, hereby declare that the my project report entitled COMPARATIVE STUDY ON ADVANCE PRODUCTS OF BANK OF MAHARASHTRA AND OTHER BANKS is an original work and the same has not been submitted to any other students or institute for the award of any other degree or diploma.

Executive Summary
In the growing global competition, the productivity of any business concern depends upon the behavioral aspect of consumers. This topic deals with the customers perception towards the Advance Product of BOM and SBI at Allahabad. This project report contains 5 different chapters. The report begins with the introduction to company, its area of operation, its organization structure, its achievements, etc. The second chapter is the introduction to the Advance Product which gives a brief idea regarding ADVANCE PRODUCT of BOM MAIN BRANCH, ALLAHABAD where the project is undertaken. It also contains the objectives and limitations of the project. The third chapter, methodology adopted in preparing this report is mentioned. It covers the sample procedure, types of data used and the data collection method. The fourth chapter comprehensive coverage of forecasting concepts and techniques which shows the analysis of data through tabulation, computation and graphical representation of data collected from survey. The fifth chapter deals with the findings, suggestion & conclusion part which is very much important after analysis is made. As we know that only analysis and conclusion is not the end of a research, so in the sixth chapter the recommendation part is covered which are made after a depth study of the analysis part of the project. In each of the five chapters as described above, every chapter has been scheduled in a manner so as to enable the reader to appreciate the contents easily. The report is supported by figures and data wherever necessary with a view to assist the reader in developing a clear cut understanding of the topic. I hope this report will be extremely useful for those it is meant. Constructive and healthy suggestions for improvements of the report will be great fully appreciated. Ravi Chandra

Company Profile
Overview History Competitors Strength/Opportunity & Weakness/Threats Different Products Awards & Recognitions by BOM

OVERVIEW

Bank of Maharashtra (Marathi): is the premier bank of Maharashtra, operating in the country of India. Registered on 16th Sept 1935 with an authorized capital of Rs 10.00 lakh and commenced business on 8th Feb 1936.Bank of Maharashtra Known as a common man's bank since inception, its initial help to small units has given birth to many of today's industrial houses. After nationalization in 1969, the bank expanded rapidly. It now has 1375 branches (as of 31 March 2008) all over India. The Bank has the largest network of branches by any Public sector bank in the state of Maharashtra. The Bank was founded by a group of visionaries led by the Late V. G. Kale and the Late D. K. Sathe and registered as a Banking Company on 16 September, 1935 at Pune. Today, Bank of Maharashtra has over 12 million customers across the length and breadth of the country served through 1577 branches in 23 states and 2 union territories. As on 30.09.2012 Bank has 1564 Branches in all over India. The Bank attained autonomous status in 1998. It helps in giving more and more services with simplified procedures without intervention of Government Bank is the convener of State level Bankers committee. Bank offers Depository services and Demat facilities at 131 branches. Bank has a tie up with LIC of India and United India Insurance company for sale of Insurance policies. All the branches of the Bank are fully computerized.All Employees , posted in South Ex branch are doing excellent work for Bank. It's logo is made of the following items 1.the DEEPMAL-with it's many lights rising to greater heights 2.the PILLAR-our institution symbolising strength 3.the diyas- our branches symbolising services 4.the three M's symbolising --mobilisation of money -modernisation of methods and --motivation of staff

HISTORY
Bank of Maharashtra is an Indian bank based in the city of Pune. The bank was established in the year 1935 with an initial authorized capital worth Rs. 10.00 Lacs, although it became operational in the early phase of the next year. The bank got nationalized by the Government of India in the year 1969. With a total number of 1421 branches located all over India as of April 2009, the bank claims to have the largest number of branches within the state of Maharashtra, among all the Public Sector banks. Commonly known as a common man's bank, Bank of Maharashtra adopts a philosophy of "Technology with personal touch", and follows its motto stating "One Family, One Bank, Bank of Maharashtra". 1969 - The Company was Incorporated on 19th July. The Bank is a Government of India undertaking and carries on all types of banking business. The Bank was brought into existence by an ordinance issued on 19th July, by the Central Government. In terms of the Ordinance, the undertaking of `The Bank of Maharashtra Ltd.' was transferred to and vested in the new bank. The ordinance was replaced by the Banking companies (Acquisition and Transfer of Undertakings) Act, 1969. The Act was declared null and void by the Supreme Court on 10th February, 1970. An Ordinance was thereupon promulgated which was latter replaced by the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 which was made effective retrospectively from 19th July.

Under the `Lead Bank Scheme' the Bank was allotted 5 districts of Maharashtra, viz. Pune, Satara, Nasik, Aurangabad (jointly with Central Bank of India) and Thane. Surveys were carried out in these districts for the identification of growth centres. 1970 - The Bank opened 39 branches in these five `Lead Bank' districts out of the total of 47 branches opened. The Bank continued to follow the scheme in the subsequent years and another district was allotted to it. 1976 - In August, the Bank sponsored a regional rural bank under the name `The Marathwada Gramin Bank Ltd.,' Nanded. 1980 - Rs.81,30,725 capitalised from Reserve Fund. 1982 - One more Regional Rural Bank was sponsored on 7th December, under the name Aurangabad-Jalna Gramin Bank Ltd. In the subsequent years, another RRB under the Thane Gramin Bank was sponsored by the Bank. These three RRBs together had 312 branches as at the end of March 1994. 1984 - Rs.12 lakhs contribution by Government.

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Competitors and other players in the field:Top Performing Public Sector Banks

State Bank Of India

Andhra Bank

Allahabad Bank

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Punjab National Bank

Bank Of Baroda

Vijaya Bank

ETC:

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Top Performing Private Sector Banks HDFC Bank ICICI Bank AXIS Bank Kotak Mahindra Bank Centurion Bank of Punjab

Top Performing Foreign Banks Citibank Standard Chartered HSBC Bank ABN AMRO Bank American Express

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Strength/ Opportunities:
The growth for BOM in the coming years is likely to be fueled by the following factors: Continued effort to increase low cost deposit would ensure improvement in NIMs and hence earnings. Growing retail & SMEs thrust would lead to higher business growth. Strong economic growth would generate higher demand for funds pursuant to higher corporate demand for credit on account of capacity expansion.

Weakness/ Threats:
The risks that could ensue to BOM in time to come are as under: BOM is currently operating at a lowest CAR. Insufficient capital may restrict the growth prospects of the bank going forward. Stiff competition, especially in the retail segment, could impact retail growth of BOM and hence slowdown in earnings growth. Contribution of retail credit to total bank credit stood at 26%. Significant thrust on growing retail book poses higher credit risk to the bank. Delay in technology upgradation could result in loss of market shares. Management indicated a likely pension shortfall on account of AS-15 to be close to Rs50bn. Slow down in domestic economy would pose a concern over credit off-take thereby impacting earnings growth.

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DIFFERENT PRODUCTS OF BOM:

DEPOSIT Savings Account Life Plus Senior Citizens Savings Account Fixed Deposits Security Deposits Recurring Deposits

LOANS Home Loans Loan Against Property

CARDS Consumer Cards Credit Card

DIFFERENT CREDIT CARDS BOM International cards BOM Gold cards

Personal Loans Car Loan

Travel Card

BOM Gold Master cards Your City Your Cards

Debit Cards

Loans against Securities Two Wheeler Preapproved Loans Retail Asset

Commercial Cards

Tax-Saver Fixed Deposit Salary Account

Corporate Cards Prepaid Card

Partnership Cards

Advantage Woman Savings Account Rural Savings Account People's Savings Account Freedom Savings Account

Purchase Card

BOM Employee Cards

Farmer Finance Business Installment Loans Flexi Cash

Distribution Cards Business Card BOM Advantage Cards

Merchant Services

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AWARDS & RECOGNITION

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 Introduction to Advance Product BOM Advance Product

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Introduction to Advance Products:

Now a day not all the people have the capacity to fulfill their requirement by their own earning, thats why they need help from others. For this so many government & private sector bank provide them money to fulfill their requirement, thats call the Advance Product (loan product) of the bank. All the banks have so many different types of advance product as per the requirement of the people or customers. In Allahabad also there are so many banks those provide loan to the people for different causes. Types of Advance Product Home Loan Educational Loan Car Loan Personal Loan Loan Against Ornaments Two-Wheelers Loan Agricultural Loan Etc.

Now a day a large no. of people are taking loan form different banks. It helps people to fulfill their need and it really easy to repayment the loan amount with a longer repayment period.

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BOM Advance Product

BOM Home Loans:

Purpose
Purchase/ Construction of House/ Flat Purchase of a plot of land for construction of House Extension/ repair/ renovation/ alteration of an existing House/ Flat Purchase of Furnishings and Consumer Durables as a part of the project cost. Takeover of an existing loan from other Banks/ Housing Finance Companies.

Eligibility
Minimum age 18 years as on the date of sanction Maximum age limit for a Home Loan borrower is fixed at 70 years, i.e. the age by which the loan should be fully repaid. Availability of sufficient, regular and continuous source of income for servicing the loan repayment.
Loan Amount

To enhance loan eligibility you have option to add: 1. Income of your spouse/ your son/ daughter living with you, provided they have a
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steady income and his/ her salary account is maintained with BOM. 2. Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out. 3. Depreciation, subject to some conditions. 4. Regular income from all sources

Margin: Purchase/ Construction of a new House/ Flat/ Plot of land: 15% for loans up to Rs. 1 cr., 20% for loans above Rs. 1 cr. Repairs/ Renovation of an existing House/ Flat: 15%

Interest Rates w.e.f 01.05.2012

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Fixed interest rates

* Fixed rate loans will be subject to: 'force maejure' clause and interest reset at the end of every two years on the basis of fixed interest rates prevailing then.

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CAR LOAN:
Purpose You can take finance for: A new car, jeep or Multi Utility Vehicles (MUVs) A used car / jeep (not more than 5 years old). (Any make or model). Take over of existing loan from other Bank/Financial institution (Conditions apply)

Eligibility
To avail an BOM Car Loan, you should be :

Individual between the age of 21-65 years of age. A Permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment or A Professionals or self-employed individual who is an income tax assessee or A Person engaged in agriculture and allied activities. Net Annual Income Rs. 100,000/- and above.

Salient Features Loan Amount There is no upper limit for the amount of a car loan. A maximum loan amount of 2.5 times the net annual income can be sanctioned. If married, your spouse's income could also be considered provided the spouse becomes a co-borrower in the loan. The loan amount includes finance for one-time road tax, registration and insurance! No ceiling on the loan amount for new cars. Loan amount for used car is subject to a maximum limit of Rs. 15 lacs. Type of Loan 1. Term Loan
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2. Overdraft - a) For New vehicles only b) Minimum loan amount: Rs. 3 lacs. Documents required you would need to submit the following documents along with the completed application form if you are an existing SBI account holder: Statement of Bank account of the borrower for last 12 months. 2 passport size photographs of borrower(s). Signature identification from bankers of borrower(s). A copy of passport /voters ID card/PAN card. Proof of residence. Latest salary-slip showing all deductions I.T. Returns/Form 16: 2 years for salaried employees and 3 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted. 8. Proof of official address for non-salaried individuals. If you are not an account holder with SBI you would also need to furnish documents that establish your identity and give proof of residence. Margin New / Used vehicles: 15% of the on the road price. Repayment You enjoy the longest repayment period in the industry with us. Repayment period: For Salaried: Maximum of 84 months For Self-employed & Professionals: Maximum 60 months Repayment period for used vehicles :Up to 84 months from the date of original purchase of the vehicle (subject to maximum tenure as above). Prepayment Penalty: Prepayment fee of 2% of the amount of the loan prepaid will be levied subject to certain conditions
FLOATING RATES: A. for Term Loans New Vehicles (Term Loan) Floating only W.E.F. February 01.05.2012

1. 2. 3. 4. 5. 6. 7.

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EDUCATION LOAN: A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured. Eligible Courses All courses having employment prospects are eligible.

Graduation courses/ Post graduation courses/ Professional courses Other courses approved by UGC/Government/AICTE etc.

Expenses considered for loan

Fees payable to college/school/hostel Examination/Library/Laboratory fees Purchase of Books/Equipment/Instruments/Uniforms Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tution fees for the entire course) Travel Expenses/Passage money for studies abroad Purchase of computers considered necessary for completion of course Cost of a Two-wheeler upto Rs. 50,000/-

Any other expenses required to complete the course like study tours, project work etc. Amount of Loan

For studies in India, maximum Rs. 10 lacs Studies abroad, maximum Rs. 20 lacs

Interest Rates (with effect from 1st MAY 2012)

Processing Fees

No processing fee/ upfront charges

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Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money

Repayment Tenure Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.

Security All loans should be secured by parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law Margin

For loans up to Rs.4.0 lacs : No Margin For loans above Rs.4.0 lacs: o Studies in India: 5% o Studies Abroad: 15%

Documentation Required

Completed Education Loan Application Form. Mark sheets of last qualifying examination Proof of admission scholarship, studentship etc Schedule of expenses for the specified course 2 passport size photographs Borrower's Bank account statement for the last six months Income tax assessment order, of last 2 years Brief statement of assets and liabilities, of the Co-borrower Proof of Income (i.e. Salary slips/ Form 16 etc)

BOM PERSONAL LOAN:

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Purpose The loan will be granted for any legitimate purpose whatsoever (e.g. expenses for domestic or foreign travel, medical treatment of self or a family member, meeting any financial liability, such as marriage of son/daughter, defraying educational expenses of wards, meeting margins for purchase of assets etc.) Eligibility You are eligible if you are a Salaried individual of good quality corporate, self employed engineer, doctor, architect, chartered accountant, MBA with minimum 2 years standing. Salient Features Loan Amount Your personal loan limit would be determined by your income and repayment capacity. Minimum: Rs.24,000/- in metro and urban centres Rs.10, 000/- in rural/semi-urban centres Maximum: 12 times Net Monthly Income for salaried individuals and pensioners subject to a ceiling of Rs.10 lacs in all centres Documents Required Important documents to be furnished while opening a Personal Loan Account: For existing bank customers Passport size photograph From salaried individuals Latest salary slip and Form 16 Margin We do not insist on any margin amount. Interest Rates

Repayment The loan is repayable in 48 EMI. You are allowed to pay more than the EMI if you
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wish to, without attracting any prepayment penalty. Security NIL Processing Fee Processing charges are 1-2% of the loan amount. This is amongst the lowest fees in the industry. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.

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MAHAGOLD LOAN:(LOAN AGAINST ORNAMENTS)

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Research methodology

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RESEARCH METHODOLOGY

Research methodology is a methodology for collecting all sorts of information & data pertaining to the subject in question. The objective is to examine all the issues involved & conduct situational analysis. The methodology includes the overall research design, sampling procedure & fieldwork done & finally the analysis procedure. The methodology used in the study consistent of sample survey using both primary & secondary data. The primary data has been collected with the help of questionnaire as well as personal observation book, magazine; journals have been referred for secondary data. The questionnaire has been drafted & presented by the researcher himself.

RESEARCH OBJECTIVE:
Summer Internship Project gives a practical exposure and helps in acquiring the on road skills. First and foremost objective is to find out the reasons for using of Advance Product from SBI rather than BOM. To find out the services that other bank given to their customer. To generate the leads through the survey. To find out the difference between the BOM and SBI advance products. To sort out the prospective leads from the data I have collected through the survey. To build the relation ship with the customers and to follow up them, make sure that they are satisfied with the product. To maintain good relationship with the corporate employees. To get more references from the customers and generate new leads by following a chain process. To place BOM Advance Product ahead of the SBI.
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 To find out the customer awareness on booming Advance Product market and to find out the using patterns of the people To make the customer aware of the benefits of the product and convince him to go for BOM Advance Product rather than SBI Advance Products.

RESEARCH PROBLEM:
BOM Main Branch, Allahabad wants to know about the customers perception in differecnce between the advance product provide by SBI & them to the people. To find out what kind of services SBI is providing in advance product which BOM is failing to provide. To find out the need of the customer and hence formulate the strategy to level the economy in the society. How the products are helping the customer. To know the utility of the product. To find out the need of the customer in Allahabad region and introduce new product or facilitate new service in existing product.

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SCOPE OF THE STUDY

The scope of the study revolves around the following aspects: Consumer perception towards Advance Product Consumer awareness about Advance Product scheme and its benefit. Aware the Bank about the customer problems, especially in case of automobile sector. Sample Size: Sample of 2000 people was taken into study, and their data was collected Sampling Technique: To study the Project, a Simple Random Sampling technique is used. Data Collection: Collection of data is done by Primary Data with the help of Questionnaire i.e., Primary data was collected through Questionnaire.

Data Analysis: After data collection, Im able to analyze customers views, ideas and opinions related to Advance Products of BOM and SBI and from this, BOM will come to know the customer requirements.
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 Data Interpretation: Interpretation of data is done by using statistical tools like Pie diagrams, Bar graphs, and also using quantitative techniques (by using these techniques) accurate information is obtained. Classification & tabulation of data: The data thus collected were classified according to the categories, counting sheets & the summary tables were prepared. The resultant tables were one dimensional, two dimensional. Statistical tools used for analysis: Out of the total respondents, the respondents who responded logically were taken into account while going into statistical details & analysis of data. The tools that have been used for analyzing data & inference drawing are mainly statistical tools like percentage, ranking, averages, etc. As per questionnaire and market surveys I have find out different responses from different people. According to their responses I analyze the findings and draw certain remarks.

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Analysis of data

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GRAPHICAL REPRESENTATION OF DATA

Q1. On which bank you depend for your regular transaction?

( ) No. of People
SBI ICICI BOM OTHER TOTAL NO. OF PEOPLE 60 % (1200) 33 % (660) 5% (100) 2% (40) 2000

RESPONSES OF PEOPLE IN %
5% 2%

33% 60%

It has been observed that approximately 60% correspondents are using the service of SBI for their daily transaction, around 33% of people are using ICICI Bank for their transaction and only 5% & 2% of people are using BOM & other Bank service respectively in ALLAHABAD. It also shows that SBI have the highest market position in Allahabad as per my sample.

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Q2. Are you aware of products & services provided by BOM?

YES NO 45% (950) 55% (1050)

Total No. of People

2000

YES 45% NO 55%

From the above data it is clear that most of the customers (around 45%) of Allahabad have the idea about the product & services of BOM, the rest 55% have the idea about the product they are using.

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Q3. If yes are you aware of the advance products (Loan segments) of BOM?

YES NO TOTAL NO. OF PEOPLE

42%(840) 68% (1160) 2000

% OF PEOPLE

42% YES NO

68%

It is clear that most of the people have the idea about the advance product of BOM. Almost all the 40% people who have the idea about the advance product are the user of BOM product & service.

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Q4. Which bank you prefer for taking loans?

85% (1800) SBI ICICI BOM OTHER TOTAL NO. OF PEOPLE 7% (140) 2% (40) 1% (20) 2000

Sales
2% 1%
12%

SBI
ICICI BOM 85% OTHER

According to my sample size only 2% of people prefer BOM and 85% of people on SBI for loan product, and rest people prefer,ICICI, or OTHER Bank for loan because they are working with that bank & it is easier for them to get loan from their bank & it
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easier for them to pay the interest because it is less as compare to other bank because they are the employee of that bank.

Q5. If you prefer BOM for taking loan than what influence you to take Loan from BOM? Most of the people said that they prefer BOM for taking loan because of the transparency and the lowest interest rate for any kind of loan product. And it is easy to get loan from BOM as compare to other bank because less paper work is require and as it is the largest govt. bank in India and having partnership with RBI (Reserve Bank of India) and other association, it is easier for BOM to give loan to people with a longer repayment period. Q.6 Which loan product of BOM you have used?
HOME LOAN EDUCATIONAL LOAN CAR LOAN PERSONAL LOAN OTHER TOTAL NO. OF PEOPLE

47% (846) 20% (360) 15% (270) 10% (180) 8% (144) 1800

Sales
10%
15%

8% 47%
HOME LOAN EDUCATIONAL LOAN CAR LOAN PERSONAL LOAN OTHER

20%

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From the sample size 85% of people are using the BOM loan product. From the 1800 people 47% of people took home loan from BOM. 20% of people took education loan for their children, 15% of people took car loan from BOM. Some of the customer took 2 type of loan from BOM like both car & educational loan and home & car loan. 10% of people took personal loan.

Q7. What do you feel about the services providing by BOM in advance product?

Bad Satisfactory Good Excellent TOTAL NO. OF PEOPLE

0% (0) 2% (40) 55% (1100) 43% (860) 2000

CUSTOMER PERCEPTION TOWARDS THE SERVICE PROVIDE BY BOM IN ADVANCE PRODUCT 0% 2% 43% 55%

BAD

SATISFACTORY
GOOD EXCELLENT

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From this it is clear that the service provide by BOM in its advance product is good in between the customer. All of them satisfy with the product provide by BOM. 55% of people said that the service provide by BOM is good & 43% said it is excellent & just 2% of people said that it is satisfactory. Q8. Which features you like most in Loan segments of BOM?
LESS PAPER WORK ATTRACTIVE INTEREST RATE TRANSPARENCY SIMPLE AND FAST PROCESSING LONGER REPAYMENT PERIOD 3% (60) 35% (700) 20% (400) 2% (40) 40% (800)

TOTAL NO. OF PEOPLE

2000

FEATURES LIKE BY CUSTOMER

45% 40% 35% 30% 25% 20% 15% 10% 5% 0% LESS PAPER WORK ATTRACTIVE INTEREST RATE TRANSPARENCY SIMPLE & FAST PROCESSING LONGER REPAYMENT PERIOD

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Most of the people like the attractive interest rate & longer repayment period. Its easier for people to repay the whole loan amount with its interest with low interest rate and with longer repayment period.

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 Findings Suggestion & Recommendation Conclusion

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PROJECT FINDINGS:
From this project it is found that BOM advance product having the 7th place in the market at Allahabad whereas SBI is the 1st choice of the people, there is a great opportunity to compete with SBI & ICICI Bank & to retain its customer by fulfilling the requirement of customer in BOM advance product. It has been observed that approximately 12% correspondents are using advance product of BOM and 88% are not using any type of advance product of BOM in Allahabad. All of BOM customers are satisfied with the services provided by the bank. Many of these customers satisfied with the low interest rate and longer repayment period of the advance product. Most of the customers at Allahabad prefer to take loan from SBI. Approximately 43% of advance product users said that the service of SBI in advance product is better than any other bank. A response from customer care is so clear & good. Many customers have no time to call customer care so that they are not able to know about the service & features of BOM advance product. Most customers are shifted from other banks advance product to BOM because of hidden charges, high interest rate, less repayment period. Government employees are more concern than private employees for advance product.

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Suggestion & Recommendation RECOMMENDATIONS:

Customer awareness programme is required so that more people should attract towards advance product of BOM. If there are any kind of hidden charges then that must disclose to customer before giving loan to them. BOM must take some steps so that customers can get their loan in time. Like phone verification by customer care that one customer is got their loan on time or not .It must be before a certain date so necessary steps can be taken. BOM should more concern about physical verification rather than phone verification so it will avoid fraud or cheating. Advance product selling agents must not give any type of wrong information regarding advance product. For the better service new offers would be require. BOM customer care should more concern about the fastest settlement of customer problems. Before deducting or charging any monetary charge BOM must consult with customer. Agents should be trained, well educated & proper trained to convince the people about different advance product. It is the duty of the bank to disclose all the material facts regarding advance product, like interest charged, repayment period, other types of charges, etc. Special scheme should be implemented to encourage both customer and agents. The bank should increase the period for repayment of loan. BOM should more focus on Retaining existing customers. BOM must focus on Segmentation based on customer knowledge Product offering based on customer demand. BOM must take feedbacks of customers regarding features & services.
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Suggestions given by the consumers at the time of survey:

There should be more time period for repayment of education loan. ( Ankita Srivastava ) Education loan should be providing to private college also which is not under AICTE or any kind of University. ( Mahendra Singh ) BOM should take steps to solve customer problems immediately. ( Anmol Jain ) Agents should be trained, well educated & proper trained to convince the people about different advance product. (Akash Chaurasia) Loan sanction date should be according to customer convenient. (Ronney Richard) A customer awareness programme should be taking place in rural area. (Astha Tiwari)

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Conclusion
From the analysis part it can be conclude that customers have a good respond towards SBI advance products rather than BOM in Allahabad. SBI is at 1st position having large number of customers & providing good services to them whereas BOM is at 7th position.BOM has a very less customer base, so the bank should concentrate on this to retain these customers and increase more.In my survey the main reason is that the BOM is the new at Allahabad.So the people has less awareness about the product of BOM.

In present scenario SBI is the largest advance product issuer in India. Within a very short period of time the achievement made by BOM is satisfactory as comparing to SBI or ay other bank. It happens due to employee dedication towards the organization, fastest growing Indian economy, & brand image.

To be the largest advance product issuer, BOM should focus on Launch Innovative product Customized advance products Better customer services Fastest customers problem solving techniques Customer retention Apart from all the above, BOM believe in providing good customer services to their customers which is a key factor for success in future.

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Questionnaire
Name - _____________________________________ Occupation-__________________________________ Contact Detail -_______________________________

Q. On which bank you depend for your regular transaction? a) SBI b) ICICI Bank c) BANK OF MAHARASHTRA d) Other Bank, Specify (_____________)

Q. Are you aware of products & services provided by BOM? a) YES b) NO

Q. If yes are you aware of the advance products (Loan segments) of BOM? a) YES b) NO

Q. Which bank you prefer for taking loans? a) SBI b) ICICI Bank c) BANK OF MAHARASHTRA d) Other Bank, Specify (_____________)

Q. If you prefer BOM for taking loan then what influence you to take Loan from BOM? ________________________________________________________________ _____________________________________________________________________
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_____________________________________________________________________ _____________________________________________________________________ ______________________.

Q. Which loan product of BOM you have used? a) Home Loan b) Education Loan c) Car Loan d) Personal Loan e) Other Loans, Specify ( ______________ ) Q. What do you feel about the services providing by BOM in advance product? a) Bad b) Satisfactory c) Good d) Excellent Q. Which features you like most in Loan segments of BOM(more than one option can be accepted)? a) Less paper work b) Attractive interest rate c) Transparency d) Simple & fast processing e) Flexibility to choose an EMI base loan or an overdraft f) Longer tenure lone for ease of repayment g) Specially design product for self employed h) Any other feature, specify ( _____________ )

Q. Any suggestion you want to give for the betterment of BOM advance product.
_________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ ________________________________________________________.

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Bibliography:
Text Books:
Solomon, Michael R. (2002), Consumer Behavior: Buying, Having, Being. 5th Ed. New Jersey: Prentice Hall Wilson A. (2003), Marketing Research: An Integrated Approach Naresh Ku. Malhotra, Marketing Research: An Applied Orientation, Fifth Edition

Internet:
http://www.moneycontrol.com/company-facts/bankofmah/history/BM05 http://www.bankofmaharashtra.in/credit_fac.asp http://en.wikipedia.org/wiki/Bank_of_Maharashtra www.bnet.com

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