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TAT full form is Turn Around Time. It is the period between the beginning and end of a procedure. In layman’s terms, it is the time required to finish a process or accomplish a request. Time elapsed between the submission of a request and its completion and delivery to the requester, for example. It is mostly used in banking to describe the period between the application of a loan and loan disbursement.
Elements Involved in Deciding the TAT
The elements involved in determining the TAT (full form Turn Around Time) are as follows.
- Submission of loan application
- Call from the Representative of the Bank
- Verification of Documents
- Valuation of Property
- Execution of Documents
- Loan Disbursal
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Description of TAT
The time required to finish a process, such as setting up a system, or repairing any component, or piece of equipment. Because task completion is a part of everyone’s life, this acronym can be applied to a variety of scenarios.
Furthermore, it is used in business as a type of performance statistic because it allows them to track how long it takes from the time a customer places an order to its completion and delivery every month. Companies are constantly working to reduce turnaround time to improve productivity and customer satisfaction. Metrics based on turnaround time can be produced for an activity having measurable start and end times.
If you want the loan to be disbursed as soon as possible, make sure you fill out the loan application entirely without gaps and that the documents you submit are proper. Now that you understand the TAT Full Form and the factors that influence the TAT, make sure you are properly equipped before completing the loan application. This will shorten the turnaround time and ensure that the money reaches your bank account as soon as possible.
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Example of TAT
Arya got injured in a bike accident.
He filed to receive accidental cover insurance. The insurance company called the other day for proof. He submitted hospital bills, the FIR of the accident, and the active location of the accident site. On the website, the TAT of the insurance firm is mentioned as 4 working days. After the submission of the documents, his insurance claim is under process. In the next week, all his accident expenses are paid off. The insurance firm has established the trust of Arya.
Other forms of TAT
The other full form of TAT is the Thematic Appreciation Test. It is a psychological personality test that majorly aims at the subconscious mind of the person’s personality.
This test consists of picture placards that the other person is supposed to answer or understand by the image present in front of them.
The responses for the test might include “need for achievement,” “need for power,” or “need for affiliation” etc.
Popular Full Forms
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