Loan Officer - How to Become a Loan Officer?
Those who act as an intermediate between lending organizations and borrower can be referred to as loan officer. They make the borrowers understand about the diverse aspects of availing loans and assist them in the process. Loan officer is also responsible to persuade clients and to make them take loans from their organization.
These professionals are usually employed in banks or in financial sector firms. The nature of job differs according to the size of the institution. In small institutions, one loan officer may be enough to deals with all type of loans where as in large institutions there will several officers to handle each type of loan. The candidate should possess sufficient educational qualifications and skills in order to get in to the role of a loan officer.
Graduation in economics, finance, or in related subjects will be enough to get in to the job profile of loan officer. Certification courses in banking will also help one to get in to the position. Apart from educational qualification, those with adequate experience in sales and banking fields are mostly preferred for the job position of the same. The candidate has to get through the qualifying exam carried out by the employing firm to get in to the job.
Who are eligible to apply?
Those candidates who have passed graduation in Commerce or related subjects are eligible to apply for the position. Today most of the firms prefer graduates (in any stream) with adequate skills and experience in banking sector for the job position of the same.
Key elements in the process
- Pursue graduation preferably in Economics or Commerce
- Obtain experience in banking sector, by working in junior level positions
- Seek and apply for the post of loan officer in public or private firms
Skills required for a Loan Officer
Skills are more important to become a successful loan officer rather than educational qualifications. Computer literacy especially in handling banking and financial software is much preferred for the job. They should be highly motivated and should possess sales ability also. Ability to interact and persuade clients is also desirable for those who are involved in this type of business.
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