![]() ![]() To avoid such complications, financial institutions conduct thorough background checks on the applicant, including his or her income documents, credit repayment history, assets, financial liabilities, and other components that can affect the individual's loan repayment ability. ![]() If this parameter is not validated, the bank may incur losses as a result of a candidate's failure to repay a loan due to non-performing assets or bad debts. This is due to the fact that the ability to repay a loan is an important factor in determining whether or not an individual is eligible for the loan. When a person applies for a personal loan or any other type of loan, he or she must go through a series of multifaceted checks before the loan can be disbursed. Before sanctioning a loan, all financial institutions, including banks, have a set of very stringent eligibility criteria. ![]()
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