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 Accessing the banking history allows a customer to look where the money has been invested or withdrawn or deposited and on what date.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 along with a duly filled application form.

Before the bank grants any loan, it follows four cardinal principles such as safety, liquidity, spread and profitability. Banks will then study past funds flow statements from the bank statement for a time period to ensure that the customer is financially strong and can pay back the loan in time. If necessary, banks may ask to keep some land papers or jewellery as security, which will be utilized if the customer isn’t financially strong to pay the loan debt.

Analyzing the bank statement is an important part in sanctioning loan to the customer. From the statement, bank analyzes the expenditure and also finds whether the customer has sufficient funds to pay their loan debt.

Loan sanctioning is a tedious job wherein proper document verification is performed and only after the complete verification of address, employment and others, loan is sanctioned either for personal use, education, home/house, industrial loan.

Our Bank Statement Analyzer utilises Artificial Intelligence along with the expertise of experienced senior banking professionals towards providing accuracy in analysis and reducing human error.

Comments

Unveiling Financial Insights: Mastering Your Finances with Bank Statement Analyzer

Introduction As financial institutions juggle various financial commitments and aspirations, understanding the nuances of finance can be overwhelming. Amidst this complexity, bank statements stand as a treasure trove of financial information. However, deciphering these statements and gaining actionable insights from them can be a challenging endeavor. To seamlessly extract data from these statements, banks and other financial institutions rely on bank statement analysis tools. This advanced tool with cutting technology helps determine the creditworthiness of borrowers with ease and facilitate informed decision-making. The Significance of Bank Statements Bank statements are a comprehensive record of a borrower’s financial transactions within a specific time frame. They encompass details about deposits, withdrawals, transfers, and other financial activities. Yet, due to their intricate nature, these statements often require a trained eye to uncover the meaningful patterns hidden within.

Top FinTech companies in India | ScoreMe Solutions

FinTech Technologies are firms that help consumers and financial institutions enhance old services and create automated financial solutions. The services include wealth management, insurance, payment gateways and alternative credit scoring, among other financial services. The expansion of Fintech companies in India has been revolutionary. India saw a spurt in the number of Fintech startups between 2010 and 2015, with 1216 new startups emerging in the market. In 2021, Indian Fintech ecosystem stood at $31 billion, becoming the third largest Fintech market in the world. With digitization leading us toward a cashless economy, Fintech startups have made it possible for customers to avail virtual financial services that are easily accessible, cheaper and quicker. New startups are emerging at a fast pace to enhance the quality of banking and other services, not just for the consumer, but also for organizations. Top services offered by FinTech in India The services provided by these st

Top 10 FinTech Companies in India

1. Pine labs The unicorn makes point of sales (POS) machines and has tie-ups with more than 70000 retailers in India, including Pantaloons, Westside, and Shoppers Stop. POS machines help merchants process payments done through credit cards and debit cards, keep track of sales, and streamline the processes of the business. Marquee investors, such as Sequoia Capital and New Atlantic Ventures have invested in this Noida-based fintech. 2. CRED It is a rewards-based credit card bill payment platform. CRED lets users pay credit card bills, keep track of their credit score, make regular house rent payments, and provides short-term credit lines. Based in Bangalore, CRED supports credit card bill payments for American Express, Standard Chartered, Citibank, HSBC, HDFC, ICICI, SBI, AXIS, RBL, PNB etc. The platform supports VISA, MasterCard, American Express & RuPay cards. Investors like Sequoia Capital India, Ribbit Capital, DST Global, and Alpha Wave Global have invested in CRED. 3. Scor

Scoreme

Search This Blog