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Showing posts from September, 2019

Bank Statement Analysis: Is it the best tool to determine loan sanctioning?

Bank statement is a statement that is received from the bank after each month for the transaction one performs. Bank statement usually list down the available balance, deposits, withdrawals, interest, service charges, penalties, and others. Banking history of any month or any time period can be accessed by the customer. Banking history can either be received from the bank or through the online portal. Accessing the banking history allows a customer to look where the money has been invested or withdrawn or deposited and on what date. Currently, getting a loan sanctioned from the bank is a tedious task requiring a stringent document verification process. Verification process varies from bank to bank. The process starts with the application, which can either be filled online or by visiting any nearest branch. All necessary documents such as address proof, identity proof, income proof (bank statement or payslips received from the organization), and others must be attached alo