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Loan based on ROI

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Intern
59 Points Posted on 21 September 2020
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
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On 21 September 2020 at 19:29 Report
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accountant
888 Points Posted on 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.
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On 21 September 2020 at 21:07
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Intern
59 Points Posted on 21 September 2020
What is the minimum income that should be reported
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On 21 September 2020 at 22:55
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accountant
888 Points Posted on 21 September 2020
It depends upon various prospect
like CTC, other EMIs, credit score, source of income, relationship with the bank etc
1 Reply
On 21 September 2020 at 23:46


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