bank requires ROI of 3 years to pass a loan
is there any criteria of income based on which amount of loan or rate of interest decided?
if anybody knows the criteria please tell
3 Replies
jacinthamary
(accountant)
(874 Points)
Replied 21 September 2020
Banks request Form 16 for three years for salaried and RoI for other than salaried individuals. It is just to conform the ability of the borrower if he is financially stable to repay the loan.
Akshay
(Intern)
(59 Points)
Replied 21 September 2020
What is the minimum income that should be reported
jacinthamary
(accountant)
(874 Points)
Replied 21 September 2020
It depends upon various prospect
like CTC, other EMIs, credit score, source of income, relationship with the bank etc
like CTC, other EMIs, credit score, source of income, relationship with the bank etc
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