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 Accessing the banking history allows a customer to look where the money has been invested or withdrawn or deposited and on what date.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

How does Legal Data Analysis Tool Help Lenders in Decision-Making:

Lending institutions constantly strive to mitigate risks and make informed decisions, and the role of data analysis tools has become pivotal. Lenders, in their pursuit of assessing borrower creditworthiness, have increasingly turned to legal data analysis tools to gain deeper insights into the legal aspects of a borrower's profile. In this blog, we'll explore the significance of legal data analysis software and how it empowers lenders to make more informed lending decisions. The Need for a Legal Data Analyzer in Lending Lending institutions face the perpetual challenge of balancing risk and reward. To minimize the inherent risks associated with lending, comprehensive data analysis is imperative. Traditionally, financial data has been the primary focus for assessing creditworthiness. However, the legal dimension has gained prominence in recent years as lenders recognize the need to delve into a borrower's legal history. Legal data analysis software enables lenders to scruti

Financial Statement Analysis: The Scoreme Advantage

Financial institutions like banks often need to examine the condition of a particular company for enabling financial transactions. In order to do so analysts have to go through statistical information with respect to industry parameters for ascertaining the position of the company. ScoreMe is the ideal tool prepared for aiding the task of analyzing business entities with respect to financial as well as non financial parameters. Our Strength The aiding attributes of ScoreMe 1. Analyzing bank statements: The ScoreMe software comes with an inbuilt digital analyzer responsible for categorical formation of results based on bank statements. We ensure that all information related to credit, debit, and loan and check transactions are analyzed for generating the financial report of a particular company. The trends of transactions are also simultaneously analyzed for ensuring succinct examination of financial transactions. 2. Online acquisition and assimilation of information:

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

Scoreme

Search This Blog